lflRCI.lt 

LIBRARY 

UNIVERSITY    Of 
CAUFORNU 


Boooments  Dept* 


DOCUMENTS  DtPASTMENT 

JUN  27  1955 


LIBRARY 
UNIVERSITY  Of  CALIFORNIA 


Extracts  from  the  speech  of  Mr.  Robert  W.  de  Forest, 
Vice-President  and  General  Counsel  of  the  Central  Rail- 
road Company  of  New  Jersey,  at  a  public  hearing  on 
the  subject  of  franchise  tax,  held  at  Trenton,  N.  J.,  on 
January  23d,  1912. 

The  general  counsel,  the  attorneys,  and  the  general 
land  and  tax  agents  of  all  the  railroad  companies  were 
present.  Mr.  de  Forest  was  selected  as  the  first  speaker. 
He  said,  in  part : 

"And  I  may  say,  also,  the  spirit  of  fairness  which, 
it  seems  to  me,  now  that  I  know  something  about 
Mr.  Hansel's  method,  has  characterized  his  investi- 
gation into  this  whole  railroad  situation  for  the  last 
year  or  so. 

"Frankly,  this  method  of  franchise  valuation 
seems  to  me,  for  the  first  time,  a  scientific  one; 
and,  properly  carried  out  in  its  application,  the  fair- 
est that  has  yet  been  suggested ;  and  I  notice  that, 
since  Mr.  Hansel  has  put  it  into  operation,  it  has 
been  approved  by  our  New  York  Court  of  Appeals, 
in  this  recent  Manhattan  case." 

Compliments  of 

CHARLES  HANSEL,  M.  Am.  Soc.  C.E., 

43  Exchange  Place,  New  York. 


THE  COMPLETE  TYPEWRITTEN  RECORD  FOR  THE  STATE. 

39  Bound  volumes,  giving  description  and  value  of  each  item  of  land,  real 
estate,  track,  structures,  etc. 

85  Covers  (on  the  right)  giving  description  and  value  of  all  locomotives, 
cars,  boats.,  signaling,  machinery,  and  other  tangible  personal  prop- 
erty. 

114  Volumes,  in  all,  making  a  complete  record  of  all  property  of  all  the  125 
railroad  corporations  in  New  Jersey. 

In  addition  to  the  above,  the  State  has  several  hundred  books  of  field 
notes,  and  a  vast  amount  of  detailed  information,  with  photographs  of 
buildings  and  structures. 


KJ    ,     -)  .          >\<-A*>     AW>< 

RBPORT 


ON 


Revaluation  of  Railroads  and 
Canals,  New  Jersey 


X.  K  "5  • 

1011 


BY 


IN     CHARGE 


TRENTON,  N.  J. 
MacCrellish  &  Quigley,   State  Printers,  Opposite  Post  Office. 


1912. 


* 


x 


HE/075- 

A/s  Ha 


DOCUMENTS 
OEPT. 


CONTENTS, 


I NTRODUCTO  R.Y :  PAGE. 

Letter   of  Transmittal    3 

Argument,     7 

Wisconsin  Valuation  for  Taxation,  8 

Minnesota  Valuation  for  Rate  Making 8 

Franchise  Not  Appraised  in  Minnesota 8 

Land  Multiple,  Various  States,   9 


CHAPTER  I. 
STATE  TAX  LAWS: 

Main    Stem,    12 

Other  Real  Estate,    12 

Personal    Property,    12 

Remaining    Property,    13 

Subdivision  IV.,  Act  of  1888,   13 

Joint  Resolution  No.  3, 14 

Real  Estate  Can  Be  Inventoried,   14 

Franchise  Can  Only  Be  Appraised,  14 


CHAPTER  II. 

VALUE     OF     REMAINING    PROPERTY,     INCLUDING 

FRANCHISE: 

Subdivision  IV.,  Section  3,  Amended  Act  of  1888, 15 

CHAPTER  III. 

Distinction  Between  Franchises,   ji8 

Corporation  is  Itself  a  Franchise,  18 

Right  to  Exist  and  to  Condemn, 19 

Franchise  an  Intangible  Right,   20 

Franchise    Personal    Property 20 

Franchise  to  Act  as  One  Person,   21 

Franchise  To  Be  is  only  One  of  the  Franchises,  21 

Duty  to   Public 22 

Franchise  the  Life  of  a  Corporation, 23 

FRANCHISE  HAS  No  DISTINCTIVE  MEANING 23 

Garrison  on  Franchise,    23 

Elements  of  Subdivision  IV.,    24 

Value  of  Stocks  and  Bonds,   24 

Combinations   Increase  Franchise  Value,    25 


JVJ9101SO 


11 


CHAPTER  IV. 

BONDS  AND  STOCKS,  ETC.:  VAGE 

Railroads  Built  on  Sale  of  Bonds,   . , 26 

Railroad  Construction,   26 

Stock   Watering,    26 

Rates  of  Carriage,  28 

Statement  of  Funded  Debts  and  Stocks,    .20 

Stocks  Not  Dealt  in,   29 

MARKET  VALUE  INCLUDES  ALL  INCOME, 30 

Guaranteed    Stocks, 31 

Development  Not  Reflected  in  the  Value  of  Stocks,  34 

Funded   Debt,    .V> 

CHAPTER  V. 

ORGANIZATION,  OPERATING  COST  AND  VALUES: 

Franchise   Value   of   Organization,    3; 

Shortness  of  Line,  Gradients,  etc.,  37 

Ability  to   Pay  Taxes,    3-S 

Latent    Values,     30 

Continental  Lines,    30 

Construction   Lags,    3() 

Strategic  Value, 39 

Growth  of  Community,   40 

Operating   Costs, 40 

Increased    Dividends,    40 

Lines  of  Operating  Revenue  and  Operating  Cost  Converging,   ....  41 

CHAPTER  VI. 

COMPUTATION  OF  VALUE  OF  SUBDIVISION  IV.,  ETC. : 

Net  Surplus  Basis  of  Value,   13 

Formula,  Discussed,    43 

Purpose  for  which  Value  Is  To  Be  Used,  44 

Current  Year,    44 

•     Annuity,     45 

Basis   for   Annuity,    43 

ADDITION   AND   BETTERMENTS,    46 

Method  of  Accounting,    * 47 

No    Precedent, 48 

Method  of  Fixing  Value,    4$ 

Income  from   Securities  Owned,    50 

West  Shore  Railroad,    51 

Example,     52 

Rate  Used  in  Determining  Annuity 52 

Rate  Used  in  Capitalizing  Net  Surplus,  53 

DISTRIBUTION  OF  TERMINAL  VALUES  OUTSIDE  of  STATE,  58 

Explanation  of  Method  to  Railroad  Officials,   59 

Improvements  Not  Generally  Due  to  Railroad  Officials,   60 


iii 

CHAPTER  VII. 
MAIN    STEM: 

Act  of  1884  and  Amendments,   62 

Boundaries  of  Main  Stem,   63 

Term  "Road-bed"  Confusing,    63 

Suggested  Amendment  in  Tax  Law   (See   Appendix) 

CHAPTER  VIII. 

LAND,  REAL  ESTATE,  ETC.: 

Land  Value  Perplexing,  etc.,  f>5 

Naked   Value, 67 

MAIN  STEM  LAND  NOT  A  CONTINUOUS  STRIP,  67 

Taxing    Districts,     67 

Fiction  of  the  Law,    68 

Land  Adjoining  Railroads,   69 

Land — Normal   Value, 69 

Records  of  Sales,    7o 

Value   and  Use,    70 

Tide-Water  Terminals,    71 

Assessed  Value  1910,  Second-Class ;  Jersey  City  and  Hoboken  City,  71 

COST  OF  REPRODUCTION  NOT  APPLIED  TO  LAND, 72 

Multiple  on  Land  Values,  75. 

CHAPTER  IX. 

REAL  ESTATE : 

The  Term  "Real  Estate," 77 

Shops,  Engine  Houses,  Turn-tables,  Etc.,   78 

Electric   Power   Plants,    79 

Machinery   Personal   Property,    79 

CLASSIFICATION  OF  REAL  ESTATE,  79 


CHAPTER  X. 

TANGIBLE  PERSONAL  PROPERTY : 

Tax  Law, 8r 

What  is  Machinery,    81 

Shop   Machinery  and  Tools,    81 

Machines  and  Their  Foundations,   82 

Passenger    Cars I\2 

Freight-Train    Cars, $3 

Work   Equipment,    <^4 

Floating    Equipment,     #4 

Additional   Personal   Property,    85 

Intangible    Personal    Property,    85, 


IV 

CHAPTER  XI. 

PAGE. 

NOTABLE  CASES  OF  EXCEPTIONABLE  CONDITIONS: 

The  Lackawanna  Railroad  of  New  Jersey,   8(5 

Hudson  &  Manhattan  Railroad,   .  01 


CHAPTER  XII. 

DEPRECIATION  OF  ROLLING  EQUIPMENT  AND  MACHINERY: 

Terms    Defined, 04 

Obsolescence,     04 

Interstate  Commerce  Commission  Instructions t.^ 

Effect  of  Invention,    <)^ 

Bargain  and  Sale  Value,   06 

Death  of  Capital,   06 

New  Equipment  of  Increased  Value <;7 

Master  Car  Builders,    <,'/ 

Continued  Improvements,    <>S 

Freight-Train    Cars rS 

Per  Diem  Rate,   oo 

Value  of  Car  for  Operating,   90 

Demand  for  Cars i  no 

Distribution   of   Demand roc 

Earnings  of  Freight  Cars, 101 

Locomotives  and  Density  of  Traffic,   102 

Obsolescence   in    Equipment \a: 

True  Value  of  Equipment,   iofi 


CHAPTER  XIII. 

DEPRECIATION  OF  FLOATING  EQUIPMENT: 

Floating  Equipment,    107 

Effect  of   River  Tunnels 107 

Hull  Must  Be  Maintained 1 08 

Metal   Hulls,    i»X 

Tug    Boats,    i o.S 

Steam    Lighters,     io<> 

Car    Floats,    i  o<) 

Book    Values,    ICKJ 

New  York  Ferries,    T  10 

Prentice  Bill,   no 

Ocean-Going   Boats,    i  r : 

Maintenance   Fund,    1 1 :? 

Amortization,     1 1 3 


CHAPTER  XIV. 

OPERATION  OF  FLOATING  EQUIPMENT:  PAGE! 

Domicile  and  Situs,   n  I 

Floating  Equipment,  Where  Assessed,   114 

Home   Port   Enrollment, 115 

Port  of  New  York,  1 16 

Domicile  of  Owner  is  Situs,   , 1 16 

Equipment  Not   Always  Enrolled,    117 

Situs  of  Personal   Property,    1 18 

Enrollment  of  Equipment,    119 

Application  of  the  Law,    120 

Equipment  of  Lehigh  Valley  Railroad  Company, 122 

True  Value  of  Floating  Equipment,    123 

CHAPTER  XV. 

APPORTIONMENT  OF  EQUIPMENT  TO  NEW  JERSEY: 

Assignment  of  Rolling  Equipment,   124 

New  Jersey  Roads  Larger  Freighters,   ^  125 

Train  Loads 125 

Traffic   Dense 125 

Commercial   Valuation,    125 

Cost  of  Production  as  Basis  of  Apportionment,   126 

Gross  Earnings  as  Basis, 126 

Single-Track    Miles    Basis,    126 

Net  Earnings  and  Reproduction,    127 

Basis  of  Apportionment,  127 

CHAPTER  XVI. 
TRACK: 

Valuation i->8 

Rails,-  128 

Ties,     132 

Ballast,     134 

Turnouts  and  Crossovers, 138 

Crossings 140 

CHAPTER  XVII. 

THE  CANALS  OF  NEW  JERSEY: 

General 142 

Delaware  &  Raritan  Canal, 142 

Lease  to  Pennsylvania  Railroad,  999  Years,   143 

Description, 144 

Rates  of  Towage,    144 

Financial 145 

MORRIS  CANAL,    146 

Location 147 


VI 

THE  CANALS  OF  NEW  JERSEY— Con! inn cd:  PAGE. 

Capacity,     147 

Engineering   Features,    147 

Longest   Level, 147 

Dimensions, 148 

Original  Boats  18  Tons,    148 

Change    in    Dimensions,     '    148 

Public    Highway,    : 148 

Free  from  Taxes  by  Charter,  149 

Taxes  Paid, 149 

Right  to  Abandon,    143 

Land  Titles,   Etc., 149 

Land    to    Revert,    150 

Cost  of  Canal,    151 

Decline  of  Traffic,   151 

Loss  in  Operation, 152- 

1903  Report  of  Commissioners,  153 

Suggested    Requirements,    154 

CHAPTER  XVIII. 


METHOD  OF  CONDUCTING  APPRAISAL: 

Scope  of  Survey  and  Inventory,    156 

Working  Force,    156 

No  Profiles  Available : 157 

Land  Maps,    157 

Instructions  to  Employees   (See  Appendix^ 157 

Progress   Reports,    157 

Increased  Efficiency  of  Field  Forces,   158 

Forms   for  Tabulation,    158 

Machinery,  Tools,  Etc.,    160 

Signaling  and  Interlocking,    160 

Attitude  of  Railway  Officials,    160 

Identification  Cards,    160 

Tax  Department  in  Charge,   161 

Plans  Furnished  by  Railroads,    162 

Unit  Prices 163 

Solidification  of  Road-bed,    163 

CHAPTER  XIX. 
TAXES : 

Taxes  Paid  in  Other  States 164 

Density  of  Population,    16.", 

Local    Assessments,    165 

Laws  of  Various  States,   165 

Special   Enactments,    166 

Glossary  of  Terms,    166 

Uniform   Taxation,    167 

Terminology,     167 


Vll 


CHAPTER  XX. 

CONCLUSIONS :  PAGE. 

Valuation  191 1  Compared  with  Assessment  of  1910 168 

Data  Furnished  State  Board  of  Assessors,   168 

Problems  of  Law  and  Economics,    168 

Valuation  Made  Separately  for  Constituent  Companies 160 

No  Car  Miles  Reported  by  Railroads,    160 

Statements  of  Operating  Results  Should  Be  Furnished,   160 

APPENDIX  : 

Instructions  to  Staff  for  Conduct  of  Survey  and  Valuation 179 

Mileage,   Description  and   Historical   Data,    21  T 

Classified    Summary   of   Valuations    for    Each   Railroad    Company,  243 
Stocks  and  Bonds  of  Constituent   Companies   Owned  by   Railroad 

System,     387 

Ratio  of  Earnings  to  Operation,   397 

Comparison  of  Taxes  Paid  in  All  States,   401 

Report  on  Assessment  of  General   Property,    407 

Block  Signaling  and  Interlocking  Plants,    443 

Suggested  Amendments  to  Railroad  Tax  Laws,  459 


STATE  OF  NEW  JERSEV, 
EXECUTIVE  DEPARTMENT,  January  22d,  1912. 

Honorable  John  D.  Prince, 

President  of  the  Senate  : 

SIR — I  herewith  transmit  to  the  Senate  the  report  of  the 
Expert  in  Charge  of  the  revaluation  of  all  railroad  and  canal 
property  in  the  State,  appointed  in  pursuance  of  Chapter  307, 

Laws  of  1910. 

Respectfully, 

WOODROW;  WILSON, 

Governor. 


REPORT. 


To  His  Excellency,  Woodrozv  Wilson,  Governor  of  New  Jersey, 
and  to  the  Honorable  State  Board  of  Assessors  of  Ne^v: 
Jersey: 

GENTLEMEN — In  presenting  my  report  under  "Joint  Resolu- 
tion Nlumber  3,"  approved  April  5th,  1909,  and  "An  act  con- 
cerning an  inventory  and  appraisal  of  railroad  and  canal  prop- 
erty, including  franchise,  in  the  State  of  New1  Jersey,"  approved 
April  1 2th,  1910,  I  desire  to  thank  His  Excellency,  Governor 
Woodrow  Wilson,  the  Hon.  John  Franklin  Fort,  and  the  mem- 
bers of  the  State  Board  of  Assessors  for  their  uniform  courtesy, 
which  has  been  made  manifest  to  me  at  all  times  during  my 
work. 

Further,  I  wish  to  thank  the  State  officials  at  Trenton,  and 
the  members  of  the  County  Boards  of  Taxation  for  their  as- 
sistance. No  officeholder  or  member  of  either  political  party  has 
sought  to  secure  any  position  with  our  working  force,  either 
for  himself  or  for  another;  and,  if  my  work  fails  to  measure 
up  to  the  expectations  of  any  who  have  made  careful  study  of 
the  law  and  its  application  to  the  various  phases  of  railroad  con- 
struction and  operation,  I  can  only  plead  as  my  defense  the  mag- 
nitude and  the  difficulty  of  the  multifarious  problems  presented 
for  determination. 

Very  respectfully, 

CHARLES  HANSEL, 

'Expert  in  Charge. 


(5) 


ARGUMENT, 

The  results  called  for  by  the  legislative  enactment  under  which 
the  work  has  been  conducted  are  quite  different  from  the  results 
called  for  in  other  States  which  have  attempted  to  determine 
what  is  popularly  called  the  "Physical  Valuation  of  Railroads." 

VALUATION    FOR  TAXATION. 

Michigan,  the  first  State  to  attempt  the  valuation  of  railroads 
on  any  large  and  comprehensive  plan,  did  so  for  the  purpose  of 
advising  the  people  of  that  State  what  the  results  would  be  if 
a  change  were  made  from  the  then  existing  laws,  which  used 
the  "Gross  Income"  of  all  the  railroads  in  the  State  as  the  basis 
of  value.  This  work  was  done,  in  1900-1901. 

OF  PROCEDURE. 


The  writer  had  the  honor  of  being  a  member  of  the  board  ap- 
pointed by  the  Governor  of  Michigan  to  consider  the  different 
questions  arising  in  the  work,  about  which  there  might  be  doubt, 
and  to  formulate  rules  of  procedure  in  those  cases  admitting  of 
a  variety  of  opinions. 

"Inventory  was  made  as  completely  as  possible  from  the  rail- 
road records  where  such  were  in  existence;  these  were  checked 
up  by  the  field  inspector." 

It  will  be  observed  that  the  appraisers  had  the  advantage  of 
full  access  to  the  records  of  the  railroads  and  thereby  avoided 
a  considerable  amount  of  field  work,  and  its  attendant  expense, 
as  well  as  loss  of  time. 

MICHIGAN  WORK  LESS  COMPLICATED. 

The  railroads  of  Michigan  are  less  complicated,  less  costly 
and  of  later  construction  than  the  railroads  of  New  Jersey,  and, 

(7) 


8 

in  consequence,  the  records  are  probably  more  complete.  The 
terminals  of  the  Michigan  railroads  are  comparatively  unimpor- 
tant as  compared  with  the  terminals  of  the  railroads  of  New 
Jersey  and  there  is  little  floating-  (marine)  equipment. 

The  cost  of  the  field  work  in  Michigan,  exclusive  of  the  work 
done  by  the  Board  of  Review,  was  .$75,000. 

The  work  in  Michigan  contemplated  the  valuation  of  the  non- 
physical  elements  separately  from  the  cost  of  reproduction;  but, 
since  the  cost  of  reproduction  may  be  entirely  apart  from  the 
true  value,  we  cannot  consider  methods  and  rulings  adopted  by 
Michigan  as  a  guide  in  our  present  work. 

WISCONSIN  VALUATION  FOR  TAXATION. 

The  valuation  of  the  railroads  of  Wisconsin,  following  closely 
on  the  Michigan  work,  was  carried  out  on  practically  the  same 
lines  as  the  Michigan  valuation,  namely,  cost  of  reproduction. 
The  railroads  performed  the  field  work  and  submitted  the  re- 
sults to  the  engineer  of  the  Commission. 

Since  cost  of  reproduction  regardless  of  "true  value"  was 
made  the  basis  of  the  work,  we  cannot  look  to  Wisconsin  for 
light  on  the  problems  which  confront  us  in  New  Jersey. 

MINNESOTA  VALUATION  FOR  RATES. 

The  valuation  in  Minnesota,  begun  in  1906  and  completed  in 
1908,  was  conducted  for  the  purpose  of  determining  whether 
the  investment  in  the  railroad  property  justified  the  rates  of 
carriage  which  the  railroad  officials  declared  necessary  to  give  a 
reasonable  return  on  the  investment. 

NO   APPRAISAL  OF   FRANCHISE   IN    MINNESOTA. 

No  estimate  of  value  was  made  on  the  franchise  or  other  in- 
tangible elements  in  Minnesota,  the  cost  of  reproduction  being 
the  result  sought.  The  report  states : 

"The  artifices  resorted  to  by  the  railway  companies  in  their 
efforts  to  purchase  property  at  normal  prices  are  not  enduring, 


and  once  it  becomes  known,  the  prices  advance  sometimes  with 
remarkable  increases,  and  it  was  found  from  more  than  200 
sales  of  city  property  to  railway  companies  that  a  wide  range 
existed  between  the  normal  values  and  the  sale  price  of  the  in- 
dividual purchases  made." 

In  Minnesota  the  valuation  was  made  on  two  different  bases : 
Estimates  A  and  B.  In  Estimate  A,  allowance  is  made  for  the 
price  which  railways  would  have  to  pay  for  the  land  for  railway 
purposes,  including"  damages  and  forced  prices  for  land.  In 
Estimate  B,  land  is  valued  on  the  same  basis  as  land  lying  in 
contiguous  territory.  The  Minnesota  Commission,  speaking  for 
the  State,  contended  for  the  valuation  represented  by  Estimate 
B.  The  railways  maintained  that  Estimate  A  was  the  fairer  one. 

It  must  be  remembered  that  the  purpose  of  the  valuation  in 
Minnesota  was  to  determine  the  investment  in  the  property,  the 
results  to  be  used  in  determining  whether  the  rates  established  by 
the  Commission  would  yield  a  reasonable  return  on  the  property 
or  investment  of  the  railroad  companies. 

The  railroads  in  this  case  were  desirous  of  showing  the  highest 
value,  while  the  Commission  were  not  impelled  by  the  same 
consideration.  The  question  naturally  arises  whether  the  posi- 
tions of  the  Commission  and  the  railroads  would  have  been 
reversed  had  the  valuation  been  made  for  the  purposes  of  tax- 
ation. 

It  is  apparent  that  the  methods  of  fixing  value  under  the  Min- 
nesota appraisal  to  determine  the  amount  invested  should  not  be 
followed  by  us  in  New  Jersey  for  the  valuation  under  existing 
tax  laws  governing  taxation. 

The  value  of  the  termini  lands  was  determined  by  adding  to 
the  "normal  value"  different  percentages  for  different  cities. 

LARGE    PERCENTAGE    ADDED    TO    "NORMAL   VALUE." 

Thus,  in  St.  Paul  75  per  cent,  was  added  to  the  "normal 
value" ;  in  Minneapolis,  60  per  cent,  was  added,  and  in  Duluth 
25  per  cent. 

The  Minnesota  report  uses  "true  value"  and  "normal  value" 
interchangeably,  and  the  "true  value"  of  land  was  determined  by 
i^  E  s 


IO 

applying  the  percentage  hereinbefore  described  to  the  average 
value  of  contiguous  and  surrounding  lands. 

Two  sets  of  appraisers  made  estimates  of  the  "value"  of  the 
terminal  lands  of  the  Great  Northern  Company  in  St.  Paul  and 
Minneapolis.  The  results  showed  a  wide  difference  of  opinion. 
In  St.  Paul  the  difference  was  272  per  cent.,  and  in  Minneapolis 
182  per  cent. 

The  engineer  of  the  Railroad  and  Warehouse  Commission  of 
Minnesota  says :  "The  reports  were  first  completed  by  the  rail- 
way companies.  Then  they  were  taken  in  hand  and  by  use  of 
special  trains  every  detail  shown  in  these  reports  was  personally 
examined  by  myself  and  staff.  The  work  by  the  State  cost  about 
$70,000,  and  the  expense  to  the  railway  companies  in  preparing 
the  data  was  probably  an  equal  amount." 

In  response  to  the  request  of  the  Railroad  and  Warehouse 
Commission,  the  several  railroads  placed  special  forces  in  the 
field  to  survey  the  property  and  they  co-operated  in  every  way 
with  the  Commission. 

! 
NEW  YORK,   NEW   HAVEN  AND   HARTFORD  RAILROAD. 

Mr.  John  Stevens,  when  he  resigned  as  Chief  Engineer  of  the 
Isthmian  Canal,  was  made  Vice-President  of  the  New  York,  New 
Haven  and  Hartford  Railroad  for  the  purpose  of  placing  a 
valuation  on  that  property.  In  response  to  a  letter  of  inquiry, 
from  this  office,  Mr.  Stevens  says : 

"The  old  construction  records  of  the  New  Haven  system  are 
woefully  incomplete;  therefore,  it  was  necessary  to  practically 
measure  up  every  element  which  entered  into  the  physical  con- 
struction of  the  road,  which  increased  our  expense  to  a  great 
extent.  Approximately  the  cost  was  fifty  dollars  per  mile  for 
the  valuation." 

We  do  not  presume  that  the  offices  of  the  New  York,  New 
Haven  and  Hartford  Railroad  are  willing  to  concede  that  their 
records  are  less  complete  and  less  accurate  than  the  records  of 
other  railroads.  They  do  admit,  however,  that  they  were  in 
doubt  about  the  value  of  their  real  property,  as  evidenced  by 
their  willingness  to  expend  a  considerable  sum,  probably 
$115,000  or  $120,000,  to  determine  the  value  of  their  assets. 


II 

Mr.  Stevens  had  the  advantage  of  free  access  to  all  records 
and  had  the  cheerful  co-operatioo  of  all  departments;  and  he 
escaped  the  expense  of  surveying  the  complicated  New  York 
terminals,  and  a  considerable  amount  of  line,  owing  to  the  recent 
surveys  and  the  accurate  construction  records  developed  on 
account  of  the  electrification  of  the  New  York  end  of  the  line. 

Since  the  valuation  was  made  by  Mr.  Stevens  his  work  has 
been  checked  by  special  experts  of  the  State  at  a  cost,  according 
to  the  Rail  way- Age  Gazette,  of  some  $100,000,  or  a  total  of  over 
$215,000,  for  finally  appraising  the  New  York,  New  Haven  and 
Hartford  Railroad. 

STATE    BOUNDARIES. 

The  difficulties  of  the  problems  involved  in  determining  the 
"true  value"  of  interstate  railroad  property,  and,  separately,  the 
value  of  the  franchise,  are  augmented  by  State  boundaries  and 
minor  civil  divisions. 

On  all  interstate,  and  on  some  intrastate  lines  doing  business 
in  this  State,  the  movement  of  rolling  or  road  equipment  is 
partially  interstate  and  it  is  likely  that  interstate  business  is 
handled  by  all  the  equipment  at  some  time  or  other  even  though 
the  railroad  itself  does  not  reach  the  boundary  of  the  State. 

The  division  points  on  the  various  interstate  lines  do  not  fall 
on  or  near  the  State  boundary,  and,  generally,  noi  accounting 
is  carried  out  to  show  the  intrastate  business  by  tonnage,  car 
miles,  train  miles,  or  earnings;  and  any  allocation  of  such  ele- 
ments are  roughly  approximated. 

NO  INTRASTATE  STATISTICS. 

In  many  States  the  railroads  are  required  to  return  intrastate 
statistics  to  the  State  authorities,  but  in  New  Jersey  no  such 
accounts  are  available.  We,  therefore,  face  a  condition  where 
a  logical  absurdity  may  at  times  be  considered  a  practical 
necessity. 


12 


CHAPTER  L 

STATE  TAX  LAW. 
ORIGINAL  ACT  OF  1884  COMPARED  WITH  AMENDED  ACT  OF  1888. 

THE  LAW. 

The  original  statute,  entitled  "An  Act  for  the  Taxation  of 
Railroad  and  Canal  Property,"  approved  April  loth,  1884,  de- 
scribes  the  manner  of  grouping  the  values  under  four  subdi- 
visions, as  follows: 

MAIN  STEM. 

I.  The  length  and  value  of  the  main  stem  of  each  railroad, 
and  of  the  water-ways  of  each  canal,  and  the  length  of  such  main 
stem  and  water-way  in  each  taxing  district. 

OTHER  REAL  ESTATE. 

II.  The  value  of  the  other  real  estate  used  for  railroad  or 
canal  purposes  in  each  taxing  district  in  this  State,  including  the 
roadbed  (other  than  main  stem),  water-ways,  reservoirs,  tracks, 
buildings,   water-tanks,  '  water-works,    riparian    rights,     docks, 
wharves  and  piers,  and  all  other  real  estate,  except  lands  not  used 
for  railroad  or  canal  purposes. 

PERSONAL  PROPERTY. 

III.  The  value  of  all  the  tangible  personal  property  of  each 
railroad  and  of  each  canal  company. 

IV.  The  value  of  the  franchise. 

In  1888,  the  original  statute  was  revised  under  the  title,  "An 
Act  to  Revise  and  Amend,"  "An  Act  for  the  Taxation  of  Rail- 
road and  Canal  Property/'  approved  April  loth,  1884,  approved 
March  27th,  1888.  A  dose  comparison  of  the  original  act  of 
1884  with  the  amended  act  of  1888  does  not  reveal  any  important 
changes  excepting  in  Subdivision  IV.,  which  was  changed  from 


13 

VALUE  OF  THE  FRANCHISE,"  as  written  in  the  Act  of 
1884,  to  read,  in  the  Revised  Act  of  1888,  "THE  VALUE  OF  THE 
REMAINING  PROPERTY,  INCLUDING  THE  FRANCHISE/' 


REMAINING  PROPERTY. 

It  seems  reasonable  to  suppose  that  the  naked  term  "franchise," 
as  used  in  the  act  of  1884,  did  not  prove  comprehensive  enough 
to  include  the  value  of  all  the  property  or  assets  not  included  in 
Subdivisions  L,  II.  and  III.,  covering  real  estate  and  tangible 
personal  property;  for,  in  the  act  of  1888,  we  find  the  franchise 
included  in  Subdivision  IV.,  with  "the  value  of  the  remaining 
property."  This  change  in  Subdivision  IV.  brings  prominently 
forward  intangible  elements  of  railroad  properties  and  practically 
divides  all  elements  into*  tangible  and  intangible  or  physical  and 
non-physical;  and,  by  thus  associating  the  franchise  with  "the 
value  of  the  remaining  property,"  the  necessity  of  exactly  deter- 
mining the  definition  and  value  o>f  the  franchise  standing  apart 
from  other  elements  becomes  less  important  in  proportion  to  the 
added  importance  O'f  "the  remaining  property" ;  which,  by  the 
process  of  elimination,  is  automatically  classified  as  intangible 
personal  property  assessable  to  main  stem  for  the  benefit  of  the 
State. 

SUBDIVISION   IV.,   ACT  OF    1 888. 

The  act  of  1888  sets  forth,  in  terms  if  not  in  precise  language, 
that  all  elements  of  value  not  measured  by  the  value  of  real  estate 
or  of  tangible  personal  property  must  be  summed  up  under  Sub- 
division IV.  In  other  words,  after  declaring  that  all  real  estate 
and  all  tangible  personal  property  shall  be  inventoried,  classified 
and  valued  under  Subdivisions  I.,  II.  and  III.,  it  provides  Subdi- 
vision IV.  as  a  catch-all  or  drag-net  for  discovering  and  includ- 
ing all  values,  O'f  every  kind  whatsoever,  not  included  in  the  items 
"real  estate"  and  "tangible  personal  property." 


14 

JOINT  RESOLUTION  NO.   3. 

The  language  of  Joint  Resolution  No.  3,  approved  April  5th, 
1909,  calls  specifically  for  a  "revaluation  of  all  railroad  and  canal 
property  in  the  State,  real  and  personal,  including  separately 
the  franchise,  and  making  a  true  and  complete  inventory  and  ap- 
praisal of  the  true  value  thereof ." 

Joint  Resolution  No.  3  is  conflicting  in  that  it  calls  for  a  sepa- 
rate valuation  of  the  franchise,  and  further  says  the  valuation 
"shall  be  in  form  available  for  use  for  the  purpose  of  taxation 
under  existing  laws."  The  present  tax  law  of  the  State  includes 
the  value  of  the  franchise  with  other  elements  as  expressed  in 
Subdivision  IV.,  "The  value  o-f  the  remaining  property,  including 
the  franchise."  We  are  advised  by  the  drawer  of  Joint  Resolu- 
tion 3  that  he  had  in  mind  the  law  of  1884  which  calls  for  the 
appraisal  of  the  franchise  separately,  and  since  we  are  required 
to  conduct  the  work  under  existing  laws  we  assume  it  is  our  duty 
to  include  the  value  of  the  franchise  as  set  forth  in  Subdivision 
IV.  of  the  amended  act  of  1888. 

Since  the  real  estate  and  personal  property  are  to  be  inven- 
toried and  appraised  separately  fromi  the  franchise,  it  seems 
manifest  that  it  is  our  duty  to  consider  all  of  the  thousands  of 
parts  and  items  of  the  property  owned  by  each  of  the  several 
railroads  entirely  apart  from  their  value  as  considered  in  a  com- 
posite whole,  cemented  together  by  the  charter  or  franchise. 

The  tangible  personal  property  and  the  real  estate  of  any  cor- 
poration can  be  measured,  inventoried  and  appraised.  The  fran- 
chise can  be  appraised  only.  It  cannot  be  definitely  measured  or 
inventoried.  The  true  value  of  the  separated  parts  of  a  railroad 
property  cannot,  in  the  majority  of  cases,  be  established  by  the 
going  price  or  by  the  bargain  and  sale  value,  as  the  majority  of 
items  are  created  and  constructed  for  use  at  a  particular  place 
for  a  particular  purpose. 

It  will  be  observed  that  the  value  of  the  fianchise,  in  the 
amended  act  of  1888,  is  not  classified  in  the  fourth  group  as  an 
element  standing  distinctly  alone  and  requiring  specific  descrip- 
tion. 


CHAPTER  H. 

"VALUE  OF  THE  REMAINING  PROPERTY,  INCLUD- 
ING THE  FRANCHISE." 

SUBDIVISION  IV.,  SECTION  3. 

\ 

We  have  called  attention  to  the  change  from  the  phraseology 
of  Subdivision  IV.,  Section  3,  in  the  Laws  of  1884,  to  the 
phraseology  of  Subdivision  IV.,  Section  3,  in  the  Laws  of  1888, 
and  have  hereinbefore  endeavored  to  direct  attention  to  the 
great  importance  in  the  difference  of  the  requirements  set  forth 
in  this  fourth  division  of  the  respective  enactments. 

Notwithstanding  this  marked  difference  in  the  elements  of 
value  called  for  in  Subdivision  IV.,  of  the  act  of  1884,  as  com- 
pared with  the  same  division  of  the  amended  act  of  1888,  it  has 
continued  to  be  the  practice  to*  refer  to  the  franchise  as  an  element 
to  be  appraised  apart  from  any  other  factor  of  value. 

Acting  under  the  original  law,  of  1884,  the  State  Board  of 
Assessors  formulated  a  method  of  determining  the  franchise 
value  and  the  formula  as  cited  by  Chief  Justice  Beasley,  20 
Vroom  i,  1886,  reads  as  follows: 

"That  the  amount  of  the  capital  stock  and  of  the 
•funded  debt  and  other  debts  of  the  corporation  or  person 
taxable  under  the  act  aforesaid  should  be  ascertained,  and 
that  the  value  thereof  also  be  ascertained,  and  that  in  all 
cases  where  the  aggregate  amount  of  the  value  of  the 
capital  stock  and  of  the  securities  representing  said  debts 
was  less  than  the  entire  amount  of  the  tangible  property 
of  such  corporation,  the  value  of  the  franchise  should  be 
ascertained  by  deducting  from  the  aggregate  amount  of 
the  value  of  such  capital  stock  and  of  the  securities  repre- 
senting such  debts,  the  aggregate  amount  of  the  value  of 
said  tangible  property,  and  sixty  per  centum  of  the  amount 
remaining  in  each  case  should  be  taken  and  held  to  be 
the  value  of  the  franchise  of  such  corporation;  and  that 


i6 

in  all  cases  where  the  amount  of  the  value  of  the  capital 
stock  and  of  the  securities  representing  said  debts  was 
less  than  the  value  of  the  entire  amount  of  the  tangible 
property  of  such  corporation,  the  gross  earnings  of  such 
corporation  should  be  ascertained  and  that  twenty  per 
centum  of  such  gross  earnings  (being  an  amount  which 
would  make  the  tax  upon  the  franchise  of  such  corpora- 
tion a  sum  equal  to  one-tenth  of  one  per  centum  upon  such 
gross  earnings)  should  be  taken  and  held  to  be  the  value 
of  such  corporation." 
The  opinion  says,  further:  "It  is  quite  impossible  for  the 

court  to  say  that  the  result  thus  reached  is  in  anywise  erroneous 

or  excessive/' 

NO  CHANGE  IN  METHOD  OF  DETERMINING  VALUE  SUBDIVISION  IV. 

While  the  court  does  not  take  upon  itself  the  burden  of  estab- 
lishing what,  in  its  opinion,  should  be  the  proper  method  of 
valuing  the  franchise,  it  does  not  disagree  with  the  method 
adopted  by  the  board  previous  to  the  amended  act  of  1888  and 
seems  to  put  the  burden  of  proof  upon  the  railroad  companies. 
It  will  be  observed  that  no  mention  is  made  in  this  formula  of 
any  other  element  of  value  except  the  franchise;  and  we  have 
no  opinion  of  the  court  before  us  on  this  formula  as  applied 
to  the  amended  act  of  1888,  which  required  the  board  to  find 
"the  value  of  the  remaining  property,  including  the  franchise." 
This  seems  to  us  a  widely  different  proposition  from  that  of 
merely  determining  the  value  of  the  franchise;  and,  indeed,  the 
act  of  1888  seems  to  broaden  the  subject  so  as  to  remove  all 
questions  as  to  the  value  of  the  franchise  standing  nakedly  alone. 
We  are  not  prepared  to  state  whether  or  not  the  formula  for 
determining  "the  value  of  the  remaining  property,  including  the 
franchise"  as  practiced  by  the  State  Board  of  Assessors  is  the 
same  as  that  for  determining  the  value  of  the  franchise  only  as 
called  for  in  the  original  act  of  1884;  but  we  are  of  the  opinion 
that  the  formula  adopted  before  the  amended  act  of  1888  has 
been  used  ever  since  the  act  of  1884  went  into  effect. 


17 

It  is  possible  that  the  court  would  have  taken  a  different  view 
of  the  formula  had  it  been  called  upon  to  adjudicate  the  question 
in  relation  to  the  amended  act  of  1888,  for  it  is  not  unreasonable 
to  suppose  that  the  elements  of  value  as  set  forth  in  Subdivision 
IV.  of  the  act  of  1888'  required  a  determination  of  values  largely 
different  from  the  element  of  franchise.  If  this  were  not  sor 
there  would  have  been  no  necessity  for  the  amended  act  of  1888. 

Since  the  appraised  value  of  the  franchise  has  been  disclosed 
in  the  last  report  of  the  State  Board  of  Assessors,  some  of  the 
railroad  companies  have  appealed  to  the  board  for  a  considerable 
reduction  in  the  assessed  valuation  of  the  respective  franchises, 
and  the  burden  of  the  argument  is  that  the  value  of  the  franchise 
is  merely  the  cost  of  securing  the  charter — a  mere  legal  fee. 
Many  of  the  learned  counsel  of  the  railroad  companies  are  quite 
ready  to  recognize  the  cost  to  produce  a  legal  document  as  the 
true  measure  of  the  value  of  the  franchise,  while  they  deny 
the  propriety  of  considering  the  cost  to  be  in  any  degree  the 
proper  basis  to  use  in  arriving  at  the  true  value  of  the  physical 
elements. 

We  do  not  consider  that  Subdivision  IV.  suggests  the  necessity 
of  placing  the  value  of  the  franchise  as  an  element  separate  and 
distinct  from  the  value  of  the  remaining  property.  We  deem  it 
advisable  and  proper,  however,  to  discuss  the  meaning  and  value 
of  the  franchise  at  considerable  length,  for  the  reason  that  a 
great  deal  of  emphasis  has  been  laid  upon  the  value  o<f  this  element 
of  Subdivision  IV.  of  the  amended  act  of  1888. 


i8 

CHAPTER  IIL 

FRANCHISE. 

DISTINCTION  BETWEEN    FRANCHISES. 

The  distinction  between  the  franchise  to  be  a  corporation  and 
other  rights,  privileges  and  franchises  of  a  corporation  has  been 
a  subject  of  much  discussion  and  many  adjudications. 

The  word  "franchise"  has  various  meanings,  and  it  is  difficult 
to  define  the  term  as  used  under  constitutions  and  statutes  since, 
as  a  rule,  it  is  a  question  of  construction  in  each  particular  case, 
precluding  any  definition  applicable  to  all  cases.  But  it  is  de- 
clared that,  where  the  term  "franchise"  is  used  in  a  statute  or 
elsewhere  in  the  law,  it  is  generally,  if  not  always,  understood  as 
a  special  privilege  conferred  by  grant  from  the  State  or  Sov- 
ereign Power  as  being  something  not  belonging  to  the  citizen  of 
common  right. 

A    CORPORATION    IS   ITSELF   A    FRANCHISE. 

It  has  been  declared  that  a  corporation  is  not  only  itself  a  fran- 
chise, but  that  it  consists  and  is  made  up  of  its  rights  and  fran- 
chises, and  that  it  may  hold  other  franchises  as  rights  and  fran- 
chises of  the  corporation. 

We  understand  that,  although  the  business  of  a  common  car- 
rier is  not  of  itself  a  franchise — but  is  general  and  has  its  founda- 
tion in  the  common  law,  needing  in  itself  no  legislative  authority 
—still,  a  grant  to  a  corporation  of  a  right  to  lay  out,  construct 
and  operate  a  railroad  is  a  franchise. 

The  right  of  a  railway  company  to  use  certain  streets  acquired 
by  contract  with  the  city  giving  an  exclusive  right  constitutes  no 
part  of  the  franchise  of  the  company  and  is  not  of  itself  a  fran- 
chise, although  it  is  in  the  nature  of  a  property  and  is  an  incorpo- 
real right. 


19 

RIGHT  TO  EXIST  AND  TO   CONDEMN. 

We  believe  that  a  railroad  corporation  under  the  constitution 
and  laws  of  the  State,  possessing  not  only  the  franchise  privilege 
to  exist  as  a  corporation,  but  the  right  to  condemn  private  prop- 
erty for  corporate  use,  is  also  one  of  the  most  important  fran- 
chises, since  the  right  of  eminent  domain  is  a  franchise.  In  a 
Pennsylvania  case,  it  is  said  that  the  ordinary  franchise  of  a 
railroad  company  is,  by  virtue  of  the  sovereign  power  of  eminent 
domain,  to  condemn,  take  and  use  lands  for  the  purpose  of  a 
public  highway,  and  to  collect  toll  from  those  who  use  it  as  such. 
So  it  is  declared  in  a  Texas  decision,  that  the  ordinary  franchises 
of  a  railroad  corporation  are  the  right  to  exist  and  to  transact 
business  as  a  corporation,  and  the  right  to  condemn  property  for 
its  use.  It  is  also  said  that  exclusive  grants  for  ferries,  bridges 
and  turnpikes  are  grants  of  franchises  of  a  public  character,  ap- 
pertaining to  the  government,  and  that  their  use  usually  requires 
the  exercise  of  the  right  of  eminent  domain. 

BURKE  ON  FRANCHISES. 

Mr.  Burke,  in  a  speech  upon  a  bill  to  repeal  the  charter  of  the 
East  India  Company,  said : 

"The  true  nature  of  the  franchise  of  a  private  corpora- 
tion is  here  portrayed  in  clear  and  comprehensive  lan- 
guage. We  are  here  tolcl  that  it  is  an  institution  to  estab- 
lish monoply  and  to  create  power;  that,  to  speak  of  such 
charters  and  their  effects  in  terms  of  the  greatest  possible 
moderation,  they  do  not  at  least  suspend  the  natural 
rights  of  mankind  at  large;  and,  in  their  very  frame  and 
constitution,  are  liable  to  fall  into  a  direct  violation  of 
them;  that  all  special  privileges  of  this  kind,  claimed  or 
exercised  in  exclusion  of  the  greater  part  of  the  com- 
munity, being  wholly  artificial,  and  for  so  much  a  deroga- 
tion from  the  natural  equality  of  mankind  at  large,  ought 
to  be,  some  way  or  other,  exercised  ultimately  for  their 
benefit;  and  that  they  are  not  original,  self-derived  rights 


2O 

or  grants  for  the  mere  apcl  sole  private  benefit  of  the 
holders;  but  are  rights  and  privileges  which,  in  the 
strictest  sense,  are  derivative  trusts  and,  from  their  very 
nature,  accountable  to  the  power  which  created  them." 

FRANCHISE  AN  INTANGIBLE  RIGHT. 

A  franchise  has  been  declared  to  be  a  "mere  legal  right  or 
privilege;  only  an  intangible  right  or  privilege  not  subject  to 
assessment;  not  property  of  any  description  except  in  the  sense 
that  it  is  valuable ;  not  property  within  the  meaning  of  that  term 
as  used  in  the  bill  of  rights,  even  though  in  one  sense  property, 
and  valuable  property ;  not  real  estate ;  and  a  ferry  is  not  land 
nor  an  incorporeal  hereditament."  It  has  also  been  declared  by 
an  eminent  writer  whose  statements,  generally,  have  been  ac- 
cepted as  having  almost  the  force  of  a  judicial  opinion,  that  fran- 
chises have,  with  some  impropriety,  been  classed  among  heredita- 
ments. Again,  in  a  New  Jersey  case,  the  court  says :  "Although, 
technically  speaking,  franchises  are  property,  they  are  property 
of  a  peculiar  character,  arising  only  from  legislative  grant,  and 
are  not  in  ordinary  cases  subject  to  execution  or  to  sale  and  trans- 
fer, even  in  payment  of  the  debts  of  the  corporation,  without 
the  assent  or  authority  of  the  Legislature."  And  it  is  also  held 
that  an  action  at  law  cannot  be  maintained  to  recover  possession 
of  a  franchise  of  a  corporation  because  it  is  intangible  and  is  in- 
capable of  physical  identification  or  delivery. 

FRANCHISE  PERSONAL  PROPERTY. 

In  some  States  the  franchises  and  privileges  of  a  corporation 
are  declared  to  be  personal  property,  and  it  is  stated  in  a  federal 
case  that,  according  to  the  law  of  most  States,  this  franchise  or 
privilege  of  being  a  corporation  is  deemed  personal  property,  and 
is  subject  to  separate  taxation. 

We  understand  that  the  franchise  to  be  is  distinct  from  the 
franchise  as  a  corporation  to  maintain  and  operate  a  railway. 
The  latter  may  be  mortgaged  without  the  former,  and  may  pass 
to  a  purchaser  at  a  foreclosure  sale. 


21 

FRANCHISE  TO  ACT  AS  ONE  PERSON. 

Mr.  Justice  Simonton,  in  the  case  of  Central  Trust  Company 
of  New  York  vs.  Western  North  Carolina  Railroad  Company, 
says: 

"The  Western  North  Carolina  Railroad  Company  was 
created  a  corporation  by  the  Legislature  of  that  State  in 
the  exercise  of  a  sovereign  power.  This  sovereign  power 
made  of  several  persons  a  single  entity,  and  conferred  on 
them  the  franchise  of  acting  as  one  person.  This  new 
person,  creature  of  the  law,  and  existing  through  the 
grace  and  at  the  will  of  the  sovereign,  was  then  clothed 
with  certain  powers  and  granted  certain  privileges.  These 
are  its  franchises :  First,  the  franchise  of  existence  as  a 
corporation — its  life  and  being.  This  is  inseparable  from 
it.  When  it  parts  with  it — with  this  franchise — it  parts 
with  its  life.  But,  with  respect  to  the  other  franchises 
with  which  it  has  been  clothed1 — the  right  and  privilege  to 
act  as  a  common  carrier,  to  carry  passengers  and  goods, 
to  charge  tolls,  to  operate  a  railroad — these  it  enjoys  as 
an  individual  could,  and  they  are  not  inseparable  from  its 
existence.  They  are  its  property.  A  franchise  to  be  a 
corporation  is  distinct  from  a  franchise  as  a  corporation 
to  maintain  and  operate  a  railroad." 

FRANCHISE  TO  BE  is  ONLY  ONE  OF  THE  FRANCHISES. 

It  seems  manifest  that  the  franchise  to  be,  to  exist,  is  only  one 
of  the  franchises  of  a  corporation.  The  franchise  to  do,  to  carry 
on  the  business  of  a  corporation,  is  an  independent  franchise;  or, 
rather,  a  combination  of  franchises,  embracing  all  things  a  cor- 
poration is  given  power  to  do;  and  this  power,  this  authority, 
constitutes  a  thing  of  value  and  a  part  of  the  corporation's 
intangible  property  as  much  as  do  the  franchises  to  be.  Fran- 
chises to  do  go  wherever  the  work  is  done.  The  courts  have  held 
that  the  corporation  may  go  into  various  States  for  the  transac- 
tion of  its  business;  and  wherever  it  goes  as  a  corporation  it 


22 

carries  with  it  the  franchise  to  be ;  because,  although,  for  purpose 
of  jurisdiction  in  the  Federal  courts,  it  is  true  that  a  corporation 
is  presumed  to  be  a  citizen  of  the  State  which  created  it,  it  does 
not  follow  that  its  franchise  to  be  is,  for  all  purposes,  to  be 
regarded  as  confined  to  that  State.  Again,  it  would  seem  that 
these  intangible  properties,  these  franchises  to  do,  exercised  in 
connection  with  the  tangible  property  which  it  holds,  create  a 
substantive  matter  of  taxation  to  be  assessed  by  every  State  in 
which  that  tangible  property  may  be  found. 

DUTY  TO  THE   PUBLIC. 

It  is  held  that,  where  a  charter  authorizes  the  formation  of 
corporations  upon  conditions,  neither  the  franchise  to  be  a  cor- 
poration nor  the  particular  franchise  conferred  takes  effect  or 
vests  in  the  grantee  before  the  actual  formation  of  the  corpora- 
tion; and  "a  corporate  franchise  may  not  be  a  privilege  derived 
by  the  act  of  incorporation,  but  one  which  can  only  be  acquired 
by  subsequent  grant,  and  so  may  never  vest."  It  would  seem, 
therefore,  that,  to  the  extent  set  forth  within  this  summary,  a 
distinction  may  reasonably  be  declared  to  exist  between  a  charter 
and  a  franchise. 

Railroad  corporations  are  vested  with  special  privileges,  and 
the  consideration  for  the  public  grant  is  the  performance  of  their 
duties  to  the  public.  The  franchise  granted  to  them  is  intended 
to  be  exercised  for  the  public  good.  Their  business  is  a  matter 
of  public  concern,  as  the  public  has  an  interest  therein ;  and  such 
corporations  exercise  their  franchises  as  quasi  public  trusts  for 
the  benefit  of  the  people. 

Technically,  railroad  companies  are  private  corporations;  they 
are  private  as  distinguished  from  those  created  for  municipal  and 
governmental  purposes.  They  are  also  private  in  the  nature 
of  their  business  in  the  sense  that,  even  though  their  uses  are 
public,  the  contract  embodied  by  implication  in  their  charters  is 
within  the  constitutional  provision  which  prohibits  the  impair- 
ment of  obligations  o>f  contracts.  Although  a  railway  company 
is  technically  a  private  corporation,  yet  it  is  designed  to  promote 
the  general  public  good  as  well  as  to  advance  private  speculation^ 


23 

FRANCHISE  THE  LIFE  OF  A  CORPORATION. 


"A  franchise  of  a  corporation  is  its  life  —  its  being."  Although 
a  franchise  must  have  its  source  in,  or  emanate  from  the  sov- 
ereign power,  and  that  power  alone  can  grant  it  and  make  pos- 
sible its  exercise,  still,  when  it,  or  the  charter  which  evidences  it, 
is  once  lawfully  granted,  either  under  a  general  act  or  a  special 
act,  and  is  accepted,  it  becomes  surrounded  by  constitutional 
guarantees  of  protection  which  no  legislative  body  can  set  aside 
or  ignore,  either  by  declaring  a  forfeiture  or  by  otherwise  uncon- 
stitutionally destroying  the  franchises,  privileges  or  charter  rights 
of  a  lawfully-existing  corporation. 

FRANCHISE  HAS  NO  DISTINCTIVE  MEANING. 

"In  the  last  analysis  the  only  essential  attribute  of  a  corpora- 
tion is  the  capacity  to  exist  and  act  within  the  powers  granted,  as 
a  legal  entity,  apart  from  the  individual  or  individuals  who  con- 
stitute its  members."  The  Interstate  Commerce  Commission 
says:  "No  provision  is  made  for  'franchise'  taxes,  because  this 
word  has  no  distinctive  meaning  as  employed  in  State  enact- 
ments." 

FRANCHISE  APPRAISED. 

For  the  purpose  of  carrying  out  the  law  as  expressed  in  Sub- 
division IV.,  as  understood,  we  have  appraised  and  included, 
under  Subdivision  IV.,  all  elements  of  value  not  represented  in 
the  actual  capital  invested  for  the  construction  of  the  property, 
including  all  betterments  and  all  tangible  personal  property. 
The  amount  thus  determined  under  Subdivision  IV.,  therefore, 
includes  "the  value  of  the  remaining  property,  including  the 
franchise,"  thereby  merging  the  term  "franchise"  into  the 
broader  term  "the  value  of  the  remaining  property." 

GARRISON   ON   FRANCHISE- 

Mr.  Justice  Garrison,  in  his  opinion  in  the  case  of  the  Long 
Dock  Company  et  al.  vs.  The  State  Board  of  Assessors,  clearly 


24 

sets  forth  the  meaning  of  the  language  used  in  Subdivision  IV. 

of  the  act  of  1888,  and  says: 

"The  revision  of  1888,  while  not  varying  this  require- 
ment, altered  the  language  of  Subdivision  IV.  in  a 
respect  that  must  challenge  attention,  occurring  as  it  does 
in  a  revision  that  was  so  •  extremely  chary  of  making 
changes. 

"The  remainder  obtained  by  the  deduction  of  the  value 
of  the  tangible  property  from  the  total  value  of  all  the 
corporate  property  gives  the  commercial  value  of  the 
franchise  expressed  in  the  terms  of  money  in  strict  com- 
pliance with  the  carefully  revised  phraseology  of  Sub- 
division IV.,  viz.,  as  'the  remaining  property,'  and  thus, 
also,  an  intangible  value  is  translated  into  the  terms  of 
the  commercial  standard;  just  as  in  the  physical  sciences 
the  specific  gravity  of  a  ponderable  substance  is  translated 
into  the  terms  of  the  common  physical  standard." 


ELEMENTS  OF  SUBDIVISION  IV. 

Considering  the  elements  involved  in  Subdivision  IV.,  in  the 
act  of  1888,  as  being  capable  of  reduction  to  a  commercial  value, 
it  becomes  necessary  to  construct  a  method  or  formula  which  will 
satisfy  a  reasonable  interpretation  of  the  value  of  the  intangible 
quantities  of  railroad  property.  Since  the  property  under  con- 
sideration is  intangible,  we  cannot  inventory  it  nor  apply  any 
generally  accepted  method  of  determining  its  dimensions  or  unit 
value;  and  it  is  probable  that  any  formula  offered  will,  in  many 
cases,  fail  to  satisfy  all  the  conditions. 

VALUE  OF  STOCKS  AND  BONDS. 

The  value  of  stocks  and  bonds  may  or  may  not  measure  the 
total  value  of  the  tangible  and  intangible  properties  of  a  railroad. 
The  market  value  of  the  these  securities  depends  on  the  surplus 
gained  from  operation,  the  dividends  paid,  the  market  conditions, 
and  the  strategic  or  latent  elements  of  value.  Receivers  are 


25 

often  appointed  to  preserve  unity  of  property ;  that  is  one  of  the 
franchise  values. 

COMBINATIONS   INCREASE   FRANCHISE   VALUE- 

As  the  combinations  o-f  railroad  properties  extend  the  fran- 
chise values  increase,  for  the  reason  that  traffic  contracts  for 
interchange  of  business  are  thus  made  more  secure ;  and,  without 
these  combinations,  the  traffic  held  by  established  railroad  com- 
panies might  be  exposed  to  competition,.  This  control  of  com- 
petition is  most  frequently  accomplished  by  purchase  of  control 
of  stocks  and  bonds  or  by  personal  ownership  by  directors.  All 
this  tends  toward  an  increased  density  of  traffic  and  more  effi- 
cient organization,  resulting  in  increment  in  rate  of  profits. 

Mr.  Justice  Field  says :  "No  constitutional  objection  lies  in  the 
way  of  a  legislative  body  prescribing  any  mode  of  measurement 
to  determine  the  amount  it  will  charge  for  the  privilege  it  be- 
stows." The  Legislature  has  not  gone  further  than  to  say  that 
"the  remaining  property,  including  the  franchise,"  shall  be  valued 
in  some  manner. 


26 

CHAPTER  IV. 

STOCKS  AND  BONDS. 

RAILROADS  BUILT  ON  SALE  OF  BONDS. 

The  earlier  railroads  were  constructed  mainly  through  the  sale 
of  bonds.  The  stock  seldom  produced  cash  and,  when  it  did,  it 
was  generally  for  the  benefit  of  the  organizers.  We  cannot  fix 
the  average  selling  price  of  these  construction  bond  sales  with 
any  certainty.  It  is  stated,  by  Van  Oss,  that  the  average  amount, 
originally  received  in  actual  value,  for  American  railway  bonds, 
probably  did  not  exceed  68  per  cent.,  and  that  the  original  in- 
vestor in  American  railway  stock  did  not  pay  more  than  10  per 
cent,  of  the  face  value. 

67,000  MILES  RAILROAD  BUILT  DURING   IO  YEARS. 

During  the  five  years  ending  in  1873,  tzventy^-seven  thousand 
miles  O'f  railroad  were  built  and,  in  consequence,  the  whole  coun- 
try found  itself  little  short  of  bankruptcy.  The  country  was  yet 
new  and  undeveloped  and  the  mania  for  railroad  construction 
was  not  appeased.  The  lull  in  building  was  short  and,  in  the 
five  years  ending  with  1883,  forty  thousand  miles  more  of  rail- 
road were  constructed.  Bonds  -and  stocks  were  issued  freely. 
In  a  great  many  instances,  in  the  earlier  stages  of  construction, 
construction  bonds  had  to  be  sold  in  advance.  The  purchasers, 
naturally,  demanded  a  premium  corresponding  to  the  risk.  In, 
other  cases,  the  promoters  had  an  opportunity  to  "water" ;  and 
they  did  it  freely. 

STOCK   WATERING. 

The  charter  of  the  Northern  P'acific  provided  for  a  subscrip- 
tion to<  the  share  capital  o>f  the  company  by  the  payment  of  a  full 
cash  equivalent  therefor.  The  whole  nominal  capital,  to  the 
amount  of  $49,000,000,  was  divided  among  the  promoters  of  this 
enterprise,  little  or  nothing  being  paid  therefor. 


CENTRAL  PACIFIC. 


The  Central  Pacific,  originally  organized  under  California 
laws,  was  made  a  corportaion  of  the  United  States.  This  road 
was  constructed  by  the  promoters,  the  greater  part  of  the  stock 
issued  coming  to  them,  as  a  gratuity. 


ERIE. 

The  " water"  in  the  Erie  was  the  difference  between  the  par 
value  of  some  $55,000,000  o<f  bonds  (afterwards  converted  into 
stock)  and  the  price  (about  $350  per  thousand)  at  which  the 
bonds  were  sold.  This  transaction  injected  some  $36,000,000  of 

"water." 

NEW  YORK  CENTRAL  LINES- 

Through  the  authority  of  the  Legislature,  some  $48,000,000 
of  "water"  was  injected  into  the  New  York  Central. 

"NICKEL  PLATE.'' 

The  greater  part  of  the  capital  stock  of  the  "Nickel  Plate" 
($50,000,000)  was  delivered  to  the  promoters,  on  which  they 
realized  handsomely  by  selling  same  to  the  Lake  Shore  and 
Michigan  Central. 

The  list  of  "watered"  roads  could  be  largely  extended. 

The  larger  systems,  operating  the  greatest  mileage  in  New 
Jersey,  are  made  up  of  consolidations  of  minor  companies  which 
constructed  their  several  properties  on  a  much  more  conservative 
plan.  The  results  of  "watering"  in  other  properties  was,  How- 
ever, reflected  in  the  market  conditions,  making  it  frequently 
more  difficult  to  market  bonds  on  a  comparatively  small  and  con- 
servative enterprise  than  upon  some  larger  project  of  question- 
able mierit. 

Notwithstanding  the  immense  amount  of  "water"  injected 
into  railroad  construction,  the  amazing  growth  of  the  country 


28 

has  furnished  business  and  profit  to  the  extent  of  creating  real 
value  or  earning"  power  assets  behind  the  flood  of  dead-head 
stock.  Such  o-f  this  stock  as  is  now  listed  or  regularly  dealt  in 
has  acquired  real  value,  due  to  the  growth  of  the  country,  the 
better  handling  of  the  property  and  the  improved  economic 
methods  of  operation,  coupled  with 'the  refunding  of  bonds  at  a 
much  lower  rate  of  interest. 


RATES  OF  CARRIAGE. 

Rates  o<f  carriage  have  fallen  though  cost  O'f  labor  and  mate- 
rials have  increased.  The  earnings  from  freight  per  ton  mile 
fell  rapidly  during  the  period  of  great  railroad  building,  as  ap- 
pears in  the  following  table : 

Gross  Net 

Earnings  Per  Earnings  Per 

Ton  Mile.  Ton  Mile. 

Year.        Name  of  Road.                                     Cents.  Cents. 

1854  N.  Y.  C.  &  H.  R.  R.  R, 2.954  1-645 

1884    N.  Y.  C.  &  H.  R.  R.  R,  0.830  0.210 

1852    N.  Y.,  L.  E.  &  W.  R.  R., 1.948  0.922 

1884    N.  Y.,  L.  E.  &  W.  R.  R.,  0.719  0.200 

1855  P.  R.  R.,  2.746  1.084 

1884    P.  R.  R.,  0.740  0.299 

1857    P.  F.  W.  &  C.  Ry.,  2.270  0.700 

1884    P.  F.  W.  &  C.  Ry.,  0.670  0.180 

The  present  average  gross  earning  per  ton  mile  of  freight  is  .754  cents. 

The  railroads  of  this  State  are  among  the  oldest  railroads  of 
this  country  and,  with  few  exceptions,  the  railroad  systems  of 
New  Jersey  are  made  up  of  many  minor  corporations.  The  Le- 
high  Valley  Railroad  System)  is  practically  the  only  system  own- 
ing and  operating  its  property. 

The  following  table  illustrates  the  composition  of  the  various 
railroad  systems  in  New  Jersey : 


29 

Number  of 

Railroad  Corporations 
Name  of  System.  Forming  System. 

Central  Railroad  of  New  Jersey,   27 

Delaware,  Lackawanna  &  Western  R.  R.,  n 

Erie  R.  R.,  18 

Lehigh  Valley  R.  R.,   2 

New  York,  Susquehanna  &  Western  R.  R.,  5 

Pennsylvania  R.  R.,    18 

Philadelphia  &  Reading  Ry.,   5 

Other  corporations,   39 

Total,    125 

LAW  GIVES  NO  HINT  OF  METHOD. 

If  the  Legislature  had  contemplated  using  the  market  value  of 
stocks  and  bonds  as  a  means  of  measuring  "the  remaining  prop- 
erty, including  the  franchise/'  after  deducting  the  value  of  the 
real  and  personal  property,  it  is  probable  that  this  intention  would 
have  been  expressed  in  the  act.  There  does  not  seem  to  be  any 
hint  in  the  acts  of  1884  and  1888  to  express  the  intention  of  the 
Legislature  as  to  how  the  value  of  "the  remaining  property,  in- 
cluding the  franchise"  was  to  be  established. 

STATEMENT  OF  FUNDED  DEBT  AND  STOCKS. 

The  manner  in  which  the  railroad  systems  of  the  State  gen- 
erally are  composed  is  shown  in  the  appendix  and  is  entitled, 
"Statement  of  Mileage,  History,  Capital  Stock  and  Funded  Debt 
of  Railroads  in  New  Jersey." 

An  analysis  of  the  description  of  the  component  parts  of  the 
Pennsylvania  Railroad  discloses  the  various  consolidations  and 
purchases,  leases  and  rentals.  None  of  the  trackage  has  been 
constructed  by  the  Pennsylvania  Railroad. 

STOCKS  NOT  DEALT  IN. 

The  "true  value"  of  the  stocks  of  the  various  companies  cannot 
be  determined,  for  the  reason  that  they  are  not  dealt  in  on  the 
market ;  and  it  cannot  be  determined  whether  the  basis  of  rental 


30 

gives  the  several  railroad  corporations  forming  the  Pennsylvania 
Railroad  System  more  or  less  income  than  might  be  earned  under 
separate  management  or  whether  each  road  is  credited  with  the 
full  pro  rata  of  its  earnings  and  expenses. 

MARKET  VALUE  INCLUDES  ALL  INCOME. 

The  market  value  of  stocks  and  bonds  does  not  necessarily 
reflect  the  values  of  the  railroad  property  only.  Several  of  the 
railroad  companies  operating  in  New  Jersey  own  securities  in 
coal  properties  which  return  them  considerable  revenue. 

The  income  from  other  than  rail  operations  of  some  of  the 
railroads  operating  in  this  State  is  as  follows: 

Name  of  Railroad.  1910.  1911. 

Central  Railroad  Company  of  New  Jersey,  ending 
June  30th,  $4,414,346  $2,276,890 

Lehigh  Valley  Railroad  Company,  ending  June  3Oth,       1,117,635  1,675,738 

Pennsylvania  Railroad  Company,  ending  December 
3ist,  17,458,846 

Delaware,  Lackawanna  and  Western  Railroad  Com- 
pany, ending  December  31  st,  26,094,828  

The  investor  is  particularly  interested  in  the  total  net  income 
from  all  sources  and  does  not  generally  concern  himself  as  to 
the  division  of  such  net  income  as  between  results  of  strictly 
rail  operations  and  income  from,  other  sources.  If,  then, 
we  attempt  to  fix  "The  value  of  the  remaining  property,  includ- 
ing the  franchise,"  by  using  the  market  value  of  the  stocks  and 
bonds,  we  are  reflecting  onto  the  railroad  property  under  con- 
sideration the  value  of  other  property  which  may  be  in  nowise 
related  to  it. 

For  instance,  if  the  market  value  of  the  stocks  and  bonds  of 
the  Central  Railroad  Company  of  New  Jersey  is  used  to  deter- 
mine the  value  of  Subdivision  IV.,  we  will  have  included  the 
profit  on  the  sale  of  the  stock  of  the  Lehigh  Valley  Railroad  and 
two  dividends  on  the  stock  of  the  Lehigh  and  Wilkes-Barre 
Coal  Company ;  the  first  ever  paid  by  that  company. 

It  is  apparent  that  the  market  value  of  the  securities  of  the 
Central  Railroad  Company  of  New  Jersey  is  based  upon  its 


holdings  of  valuable  stocks  in  outside  properties.  The  income 
from  outside  sources  for  1910  was  30  per  cent,  of  the  total  net 
revenue ;  and,  if  this  outside  revenue  were  wiped  out,  the  revenue 
from  rail  operations  would  be  but  70  per  cent,  at  the  most. 

If,  then,  the  present  value  of  the  stock  of  the  Central  Rail- 
road Company  of  New  Jersey  is  $300  per  share,  the  value  de- 
termined by  rail  operations  alone  would  be  $210.  We  think  that 
in  using  the  value  of  $300,  assuming  that  to  be  the  present  mar- 
ket value,  we  would  be  assessing  property  other  than  that  owned 
and  used  for  railroad  purposes. 

We  are  confronted  with  a  somewhat  difficult  problem  in  the 
case  of  the  Lehigh  Valley  Railroad.  The  outside  revenue  of 
that  company  for  the  year  ending  June  3Oth,  1911,  is  $1,675,738, 
and  the  total  revenue  $14,490,176,  the  net  income  being 

$7,5i9,457- 

The  net  income  wrould  be  increased  by  about  $300,000  were 
it  not  that  the  Lehigh  Valley  Railroad  Company  has  obligated 
itself  to  pay  ten  per  cent,  and  four  per  cent,  respectively  on  the 
preferred  and  consolidated  capital  stock  O'f  the  Morris  Canal 
and  Banking  Company,  and  all  interest  charges,  as  called  for 
in  the  lease.  The  operating  loss  is  about  $100,000.  In  this  case, 
the  market  value  is  reduced  by  reason  of  an  ancient  contract 
which  requires  the  taking  of  net  revenue  earned  by  the  railroad 
proper,  for  the  purpose  of  paying  losses  in  property  which  is 
not  used  for  railroad  purposes.  This  obligation  on  the  part  of 
the  Lehigh  Valley  Railroad  Company  reduces  the  market  value 
of  the  stock,  since  $300,000  is  taken  from:  the  net  surplus. 

GUARANTEED  STOCK. 

In  some  cases  the  value  of  .stocks  and  bonds  have  no  relation 
whatever  to.  the  value  of  the  real  property  or  the  value  of  the 
franchise. 

The  most  notable  instance  of  this  condition  is  that  of  the 
Morris  Canal  and  Banking  Company.  On  May  4th,  1871,  the 
Lehigh  Valley  Railroad  Company  leased  the  M'orris  Canal  and 
Banking  Company  in  perpetuity,  agreeing  to  pay  4  per  cent,  on 
the  common  stock,  of  which  there  is  outstanding  $1,025,000,  and 


32 

io  per  cent,  on  the  preferred  stock,  amounting  to  $1,175,000; 
also,  7  per  cent,  on  the  bonds,  which  now  amount  to  $500,000. 

The  market  value  of  these  securities  is  guaranteed  by  the 
Lehigh  Valley  Railroad  Company,  and  is  probably  not  less  than 
$5,175,000.  This  value  will  be  maintained  regardless  of  the 
operation  of  the  canal;  and,  even  though  the  canal  property 
was  abandoned  and  a  majority  of  real  estate  reverted  to  the 
original  owner  or  to  the  State,  the  value  of  the  stock  would  not 
in  anywise  be  affected  thereby. 

The  measure  of  value  of  these  canal  securities  lies  entirely  in 
the  value  of  the  guarantee  of  the  Lehigh  Valley  Railroad,  and 
not  in  any  tangible  or  intangible  value  of  the  canal  property. 

Many  other  notable  examples  are  given  in  the  following  state- 
ment of  subsidiary  companies  of  the  Pennsylvania  Railroad 
Company,  which  are  operated  at  a  loss,  without  in  anywise  af- 
fecting the  values  of  the  outstanding  securities  representing  the 
property : 

December  3ist,  1909. 

VINCENTOWN    BRANCH    OF    THE    BURLINGTON    COUNTY    RAILROAD. 

1.  Operating  income,    $5,633  40 

2.  Operating  expenses  including  taxes,    7, 109  92 


DEFICIT,    $1,456  52 

Rental  due  from  operating  company,    900  oo 


Loss,    $2,356  52 


MOUNT    HOLLY,    LUMBERTON    AND    MEDFORD    RAILROAD. 

1 .  Operating  income,   $9>O77  29 

2.  Operating  expenses  including  taxes,    17,060  13 


DEFICIT,   $7,982  84 

Rental  due  from  operating  company,  2,885  oo 


Loss,    $10,867  84 


33 


ROCKY    HILL    RAILROAD    AND    TRANSPORTATION    COMPANY. 

1.  Operating   income,    $21,733  61 

2.  Operating  expenses  including  taxes,  23,037  77 


DEFICII;    $1,304  16 

Rental  due  from  operating  company,   1,222  oo 


Loss,    ' $2,526  16 

CAMDEN   AND  BURLINGTON   COUNTY  RAILROAD. 

1.  Operating  income,    $342,606  07 

2.  Operating  expenses  including  taxes,    340,056  58 


3.  Available  corporate  income,    $2,549  49 

Rental  due  from  operating  company, $37,415  50 

Less  income,   2,549  49 


Loss,    $34,866  01 

The  annual  statement  of  the  Pennsylvania  Railroad  for  De- 
cember 3ist,  1910,  shows  the  total  amount  of  securities  of  the 
seventeen  subordinate  companies  in  New  Jersey  to  be  as  follows : 

Stock.  Bonds. 

Total  capital  stock  and  funded  debt  of  the  seven-        $41,697,975  $37,664,200 
teen  subordinate  companies,  including  the  West          15,158,500        6,151,000 

Jersey  and  Seashore  Railroad  and  excluding  the        

Pennsylvania    Tunnel    and    Terminal    Company.        $26,539,475  $31,513,200 

Total  of  the  above  described  stock  and  funded  debt  owned  by  the  Penn- 
sylvania Railroad  System  in  New  Jersey,  36.3  per  cent,  of  the  stock  and 
16.3  per  cent,  of  the  bonds. 

The  Pennsylvania  Railroad  Company  owns  practically  all  the 
stock  and  bonds  of  the  New  York  Bay  Railroad  Company,  which 
includes  the  Greenville  Terminal  for  interchange  of  business 
principally  with  the  Long  Island  Railroad  and  the  Nbw  York, 
New  Haven  and  Hartford  Railroad.  This  stock  was  increased 
from  $1,000,000  par,  in  1908,  to  $6,000,000  par  in  1909.  The 
bonds  of  this  line  were  decreased  from  $4,975,779  in  1908,  to 
$3,885,000  in  1910. 

3  E  s 


34 

The  Pennsylvania  Railroad  System  owns  but  3.3  per  cent,  of 
the  funded  debt  and  capital  stock  of  the  United  New  Jersey 
Railroad  and  Canal  Company,  the  total  funded  debt  being  $20,- 
000,000,  and  the  capital,  $21,240,400.  The  State  of  New  Jer- 
sey owns  $475,000,  par  value,  of  the  stock.  The  rental  paid  to 
the  United  New  Jersey  Railroad  and  Canal  Company  by  the 
Pennsylvania  Railroad  System  amounts  to  4  per  cent,  on  bonds 
and  6  per  cent,  on  stock. 

In  the  case  of  the  West  Jersey  and  Seashore  Railroad,  the 
Pennsylvania  Railroad  System  owns  the  controlling  interest  and 
operates  this  line  as  an  affiliated  company. 

Of  the  total  capital  stock,  $104,000  par  value  is  called  "special 
guaranteed  stock."  This  stock  bears  6  per  cent,  dividends,  while 
the  balance  pays  4  per  cent. 

The  stocks  of  none  of  the  sixteen  subsidiary  companies  are 
dealt  in  on  the  stock  exchange  or  on  the  curb.  The  entire  capital 
stock  of  those  numbered  i,  4,  6,  9,  LI  and  12  (see  table  in  ap- 
pendix), is  owned  by  the  Pennsylvania  Railroad  System.  The 
leases  under  which  7,  10  and  13  are  operated  by  the  Pennsylvania 
Railroad  System  call  for  payments  to  the  roads  of  amounts  equal- 
ling their  net  earnings,  and  practically  no  payments  are  being 
made  by  the  Pennsylvania  Railroad  to  the  companies. 

The  stock  of  the  companies  numbered  2,  3,  5,  8,  14  and  15  is 
closely  held,  and,  after  close  inquiry  among  leading  bankers, 
we  find  that  none  of  this  stock  has  appeared  upon  the  market  in 
recent  years.  The  stock  dividends  are  guaranteed  by  the  Penn- 
sylvania Railroad. 

INCREASED  VALUE  NOT  REFLECTED  IN  VALUE  OF  STOCKS — DEVEL- 
OPMENT NOT  REFLECTED  IN  THE  VALUE  OF  STOCKS. 

The  value  of  the  physical  elements  of  the  various  corporations 
forming  the  several  railroad  systems  in  New  Jersey  probably 
does  not  bear  exact  relation  to  the  volume  of  business  or  to  the 
net  earnings,  though  the  development  of  the  properties  generally 
keeps  step  with  the  volume  of  business  conducted  over  the  rails. 
The  distribution  of  the  value  of  "the  remaining  property,  in- 


35 

eluding-  the  franchise,"  to  the  several  subsidiary  lines  included 
in  the  various  railroad  systems  in  New  Jersey,  cannot  be  made 
with  positive  certainty,  since  there  is  no  accounting  of  the  busi- 
ness of  these  subsidiary  companies,  and  if  accounts  were  kept 
many  items  would  of  necessity  be  determined  arbitrarily.  For 
the  purpose  of  this  valuation,  we  have  apportioned  the  value 
of  "the  remaining  property,  including  the  franchise,"  to  the 
several  subsidiary  companies  on  the  basis  that  the  miles  of  all 
track  of  each  of  the  several  subsidiary  companies  bears  to  the 
total  mileage:  of  all  track  in  New  Jersey  of  the  particular 
system  in  New  Jersey  in  which  the  subsidiary  company  is  in- 
cluded, except  where  the  earnings  are  reported.  The  earnings  on 
the  stock  are  fixed  by  contracts;  consequently,  the  development 
of  the  community  is  no  t  reflected  in  the  value  of  the  stocks  of  the 
subsidiary  companies,  which  value  is  entirely  dependent  upon  the 
value  of  the  guarantor. 


TAX 


Since  the  State  tax  law  requires  us  to  establish  "the  value  of 
the  remaining  property,  including  the  franchise,"  we  have  fixed 
the  value  of  the  real  estate  and  the  tangible  personal  property 
without  regard  to  its  use;  and  the  value  of  the  real  estate  and1 
the  tangible  personal  property  as  determined  by  this  office  in- 
cludes Subdivisions  L,  II.  and  III.,  under  Section  3  of  the  act 
of  1888. 

In  order  to  establish  ''true  value"  at  this  date,  certain  de- 
ductions have  been  made  on  account  of  depreciation  due  to 
decrepitude  or  obsolescence,  described  in  the  chapter  entitled 
"Depreciation." 

INTEREST   RATES. 

The  rate  of  interest  on  the  sum  so  determined  is  believed  to 
be  sufficient  to  cover  discount  and  commissions  incurred  in  plac- 
ing bonds. 


36 

DEBT. 


Considerable  sums  have  been  put  into  the  property  year  by 
year  and  charged  to  income  account  or  capital  and,  possibly, 
the  property  has  been  rebuilt  with  such  expenditures;  and,  for 
such  moneys  coming  from  the  treasury,  there  is  no  charge  for 
commissions  or  discounts.  Yet,  a  considerable  amount  of  the 
original  bonds  is  generally  outstanding,  or  represented  by  re- 
funds at  a  lower  rate  of  interest.  The  lowest  rate  of  interest 
paid  by  the  Pennsylvania  Railroad  Company  is  3J^>  per  cent,  on 
the  "loYear  Gold  Convertible''  due  November  ist,  1912,  and 
October  ist,  1915.  The  balance  of  funded  debt  carries  from 
4  to  4*4  per  cent. 

The  general  mortgage  of  the  Central  Railroad  Company  of 
New  Jersey  carries  5  per  cent.,  and  matures  in  1987. 

The  funded  debt  of  the  Lehigh  Valley  Railroad  Company  car- 
ried from  4  to  7  per  cent.  The  $6,000,000  (7  per  cent.)  ma- 
tured September  ist,  1910,  and  were  paid  by  sale  of  stock,  which 
was  increased  from  $40,334,800  to  $80,000,000,  June  22d,  1910. 
$5,638,000  (6  per  cent.)  matures  December  ist,  1923;  while 
$10,062,000  (6  per  cent.)  is  perpetual. 


FUNDED   DEBT   REDUCED. 

The  funded  debt  has  very  likely  been  largely  reduced  in  many 
cases  and  large  sums  have  been  taken  from  the  income  for  better- 
ments. The  original  bonds  were  probably  sold  at  a  considerable 
discount.  So  the  present  funded  debt  is  no  guide  to  the  original 
expenditure,  present  value  or  cost  of  the  real  estate  and  the 
tangible  personal  property. 


CHAPTER  V. 

ORGANIZATION,  OPERATING  COST  AND  VALUES. 

FRANCHISE  VALUE  OF  ORGANIZATION, 

A  balanced  organization  is  an  important  factor,  both  in  gross 
and  net  earnings.  The  term  "organization"  as  here  used  in- 
cludes both  the  operating  officials  and  the  employees,  together 
with  the  machinery,  equipment,  gradients  and  permanent  way; 
for  it  is  plain  that  no  degree  of  skill  or  knowledge  on  the  part  of 
the  official  staff  can  overcome  inefficient  power,  unbalanced 
gradients  and  lack  of  equipment. 

The  organization  of  the  principal  railroads  of  this  State  is 
probably  as  efficient  as  any  in  the  United  States.  Therefore,  it  is 
reasonable  to  assume  that  the  relation  of  organization  to  net 
earnings  is  fairly  comparable  among  the  railroads  of  the  State, 
though  there  is,  perhaps,  a  considerable  difference  in  the  dis- 
count and  interest  rate  demanded  for  financing  any  considerable 
permanent  betterment.  The  discount  and  commission  element 
varies  from  time  to  time  with  the  latent  or  strategic  value  of  the 
property  within  and  without  the  State,  as  well  as  with  the  market 
condition  which  may  affect  the  real  or  the  fictitious  value  of  the 
securities  offered.  We  have  not  deemed  it  proper  to  differentiate 
between  the  market  ratings  of  the  several  railroad  systems  of  this 
State,  since  the  market  rating  is  inconstant,  being  affected  by 
many  changing  conditions  as  well  as  by  traffic  arrangements. 

In  considering  organization,  we  must  couple  it  with  all  the  con- 
ditions which  make  for  net  earnings,  such  as  location,  shortness 
of  line  and  density  of  traffic.  Shortness  of  line  is,  perhaps,  a 
more  important  element  of  value  than  is  at  once  generally  appre- 
ciated ;  the  shorter  the  line,  the  greater  the  value. 

SHORT  LINE,  LOW  GRADIENTS,  ETC. 

If  it  were  possible  to  shorten  the  Central  Railroad  of  New 
Jersey  one  mile  between  Plainfield  and  Jersey  City,  the  saving  in 


33 

investment  plus  the  saving  in  operation  and  maintenance  capital- 
ized would  amount  to  practically  $1,500,000.  The  density  of 
traffic  and  the  operating  cost  can  only  be  influenced  by  the  or- 
ganization to  a  limited  extent.  In  many  cases,  the  line  of  rail- 
way having  the  least  costly  roadbed  has  easier  grades  ana 
greater  density  of  traffic  tributary  to  it.  The  business  thus 
naturally  gravitating  to>  such  a  line,  plus  interchange  and  through 
business,  enables  it  to  operate  trains  at  maximum  loading  and  at 
minimum  cost  per  train  mile;  while  a  more  costly  road;  in  the 
same  territory,  with  heavier  gradients  and  less  density  of  traffic, 
is  compelled  to  operate  under  minimum  train  loads  and  at  maxi- 
mum cost.  And,  while  the  physical  value  o>f  the  least  costly 
road,  as  represented  by  the  real  estate  and  the  tangible  personal 
property,  may  total  much  less  than  that  of  its  competitors,  the 
commercial  value  may  be  much  greater,  by  reason  of  its  maxi- 
mum train  loads  and  its  minimum  operating  expense. 


ABILITY  TO  PAY  TAXES. 

The  ability  to  pay  taxes  is  expressed  in  the  corporate  net  sur- 
plus available  for  taxes  and  surplus.  Consequently,  it  is  to  this 
item  we  look  for  a  basis  of  determining  the  'Value  of  the  remain- 
ing property,  including  the  franchise." 

The  financial  statement  of  a  railroad  company  cannot  always 
be  taken  as  the  true  and  complete  measure  of  value  of  the  prop- 
erty, as  there  may  be  many  conditions  and  latent  values  which 
exist  to  be  brought  into  usefulness  in  the  future.  The  financial 
statements  of  the  better  roads  do*  not  always  show  the  full  value 
of  the  assets. 

A  deficit  indicates  that,  temporarily,  somewhere,  the  property 
is  not  successful  at  that  particular  time.  The  alleged  cost  of  the 
Erie  Railroad,  as  shown  in  their  annual  report  for  1909,  is 
$174,278  per  mile,  which,  of  course,  is  much  greater  than  the 
true  cost;  and,  if  we  used  the  value  placed  on  the  property  by  the 
management,  we  would  show  a  deficit  of  many  millions  of  dollars. 


39 

LATENT   VALUES. 

Many  railroads  are  projected  for  future  profit  rather  than  for 
present  gain,  and  the  building  of  a  railroad  in  the  face  of  insuffi- 
cient immediate  business  may  show  wisdom,  in  view  of  current 
prices  and  prospective  earnings. 

CONTINENTAL  LINES. 

i 

The  builders  of  our  first  Continental  lines  built  on  their  faith 
in  the  country,  which  was  reinforced  by  a  large,  government  sub- 
sidy. There  was  no  near  prospect  of  earnings  sufficient  to  pay 
interest  on  the  cost  of  construction.  These  lines  possessed  a 
latent  value,  which  has  since  developed  until  these  Continental 
lines  are  among  the  largest  carriers  and  earners  in  the  country. 

CONSTRUCTION  LAGS. 

The  country  is  still  new,  and  railroad  building  lags  behind  the 
growth  in  population  and  industry.  It  may  not  be  unreasonable 
to  assume  that  every  railroad  now  operating  at  a  loss  or  without 
profit  possesses  a  value  or  mortgage  on  the  future  development 
of  the  community  it  serves.  Since  we  are  required  to  find  present 
values,  we  do*  not  consider  that  we  should  appraise  this  possible 
latent  value,  which  has  not  been  developed  and  which  may  not 
exist ;  and,  where  there  is  a  deficit  from,  operation,  there  does  not 
appear  to  be  any  taxable  value  in  Subdivision  IV.  over  and  above 
the  aggregate  values  of  the  segregated  parts  of  the  real  estate 
and  the  tangible  personal  property.  Indeed,  the  present  "true 
value"  to  the  owners  of  such  property  is  frequently  less  than  the 
naked  value  of  the  physical  property. 

STRATEGIC  VALUES. 

The  owners  may  be  of  the  opinion  that  their  property  pos- 
sesses a  particular  strategic  or  latent  value.  They  may  be  mis- 
taken and  may  never  realize  their  hopes.  Consequently,  we  are 


40 

not  warranted  in  appraising  a  value  which  has  not  declared  its 
presence  by  earnings  over  fixed  charges,  operating  expenses  and 
taxes. 

GROWTH  OF  COMMUNITY. 

The  growth  of  a  community  is  largely  reflected  in  the  in- 
creased revenue  of  the  railroads  and,  since  74  per  cent  of  the 
taxes  levied  on  "value  of  the  remaining  property,  including  fran- 
chise," is  returned  to  the  counties  of  the  State  and  distributed  to 
the  school  fund,  each  community  participates  in  the  net  surplus 
gained  by  the  railway. 

OPERATING  COSTS. 

The  operating  costs  are  probably  increasing  faster  than  the 
growth  of  the  communities.  The  operating  cost  per  train  mile 
has  increased  from  $.9839,  in  1899,  to  $1.4337,  ln  I9°9;  °r  an 
increase  of  45  per  cent,  in  10  years.  The  operating  revenues 
have  increased  from  $7,005  per  mile  of  road,  in  1899,  to  $10,356, 
in  1909;  or  47.  plus  per  cent.  The  operating  expenses  per  mile 
increased  from  $4,570,  in  1899,  to  $6,851,  in  1909;  or  an  in- 
crease of  50  per  cent. 

The  operating  expenses  do  not  include  taxes,  which  have  in- 
creased, in  many  States,  over  100  per  cent,  in  the  last  four  years. 
The  increase  of  taxes  in  four  States  ran  from  106  per  cent,  to 
125  per  cent.  (See  appendix.) 

INCREASED  DIVIDENDS. 

In  spite  of  the  increase  of  operating  cost  over  operating  rev- 
enue, the  per  cent,  of  railroad  stocks  paying  dividends  has 
increased  from  33.74,  in  1898,  to  65.69,  in  1908;  and  the  divi- 
dend rate  has  increased  from  5.29  per  cent,  in  1898,  to  6.53  per 
cent.,  in  1909;  an  increase  of  dividend  rate  of  23.4  per  cent.,  and 
of  stocks  paying  dividends,  95  per  cent.  Stated  in  dollars, 
$1,818,113,082  par  value  of  the  stock  paid  an  average  rate  of 
5.29  per  cent.,  or  $96,152,889,  in  1898,  while,  in  1909,  $4,920,- 


41 

*1  i8  Paid  an  average  rate  of  6.53  per  cent.,  or  $321,071,626. 
More  stocks  paid  dividends  in  1907,  but  the  average  rate  was 
6.23  per  cent.,  or  a  loss  in  dividend  rate  of  29  per  cent.  The 
ratio  of  operating  expenses  to  operating  revenue  has  increased 
from  65.24  per  cent,  in  1899,  to  66.16  per  cent.,  in  1909;  or 
1.4  per  cent. 

This  slight  increase  in  ratio  of  operating  expenses  to  operating 
revenues  as  compared  with  increase  in  general  cost  of  operating 
may  be  due  to  more  efficient  management,  heavier  power  and  in- 
creased tonnage.  The  increase  in  tons  carried  per  freight  loco- 
motive from  1898  to  1908  was  33  per  cent. 

The  large  increases  in  rates  of  pay  of  train  men  and  other 
employees  during  1910-1911  will,  probably,  increase  the  per- 
centage or  ratio  of  operating  expense  to  operating  revenue,  unless 
the  volume  of  business  and  rate  for  carriage  increases. 

The  average  receipts  per  passenger,  per  mile,  show  little 
change  during  the  last  decade.  In  1899,  the  rate  was  1.978! 
cents  and,  in  1909,  1.928  cents.  The  average  receipt  per  ton 
mile  for  freight  is  fairly  constant.  In  1899,  the  rate  was  .724 
cents  and,  in  1909,  .763  cents. 


OF   OPERATING   REVENUE  AND   OPERATING 
COST  CONVERGING. 

The  lines  of  operating  revenues  and  operating  expenses  are 
converging  and  can  only  be  kept  from:  meeting  by  decrease  in 
cost  of  operation  and  increase  in  growth  of  communities. 

The  maintenance  of  permanent  way  and  equipment  is  41.79 
per  cent,  and  transportation,  52  per  cent.  If  the  wages  are  ad- 
vanced 25  per  cent.,  the  net  increase  will  be  13  per  cent,  of  the 
operating  expense. 

Since  the  increased  business  of  the  community  is  the  most 
important  factor  in  the  increased  dividends,  in  spite  of  increase 
in  general  expense,  it  seems  reasonable  to  expect  that  the  com- 
munity should  share,  in  a  moderate  deg-ree,  in  the  results  it  has 
helped  to  secure. 

Mr.  Justice  Brewer,  in  his  opinion  in  the  case  of  Adams  Ex- 
press Company  vs.  Ohio  State  Auditor,  says:  "Now,  it  is  a  car- 


42 

dinal  rule  which  should  never  be  forgotten  that  whatever  prop- 
erty is  worth  for  the  purpose  of  income  and  sale  it  is  also  worth 
for  purposes  of  taxation. 

Referring-  to  the  Henderson  Bridge  Company's  property,  the 
tangible  property  of  which  was  adjudged  to  be  worth  $1,277,- 
695.54,  Mr.  Justice  Brewer  says: 

"Suppose  such  a  bridge  was  entirely  within  the  terri- 
torial limits  of  a  State  and  it  appeared  that  the  bridge  it- 
self cost  only  $1,277,000,  could  be  reproduced  for  that 
sum,  and  yet  it  was  so  situated  with  reference  to  railroad 
or  other  connections,  so  used  by  the  traveling  public,  that 
it  is  worth  to  the  holders  of  it  in  the  matter  of  income 
$2,900,000,  could  be  sold  in  the  markets  for  that  sum, 
was  therefore  in  the  eyes  of  practical  business  men  of  the 
value  of  $2,900,000,  can  there  be  any  doubt  of  the  State's 
power  to  assess  it  at  that  sum  and  collect  taxes  from  it 
upon  that  basis  of  value?" 

"In  conclusion,  let  us  say  that  this  is  an  eminently 
practical  age;  that  courts  must  recognize  things  as  they 
are  and  as  possessing  a  value  which  is  accorded  to  them 
in  the  markets  of  the  world,  and  no  fine-spun  theories 
about  situs  should  interfere  to  enable  these  large  corpora- 
tions, whose  business  is  carried  on  through  many  States, 
to  escape  from  bearing  in  each  State  such  burden  of  tax- 
ation as  a  fair  distribution  of  the  actual  value  of  their 
property  among  those  States  requires." 

"The  petition  for  a  re-hearing  is  denied." 
An  important  factor  in  the  market  value  of  railroad  stocks 
may  be  the  direct  or  indirect  value  of  the  bonds,  stocks,  or  other 
investments  which  produce  a  part  of  the  value  of  its  capital  stock, 
and  which  have  a  special  situs  in  the  other  States  or  are  exempt 
from  taxation.  Therefore,  we  find  additional  reason  for  saying 
that  the  market  value  of  stocks  and  bonds  cannot  be  properly 
taken  as  the  measure  of  the  fourth  division. 


43 


CHAPTER  VL 

"THE  VALUE  OF  THE  REMAINING  PROPERTY,  IN- 
CLUDING THE  FRANCHISE." 

A  corporation  seldom  leases  a  single  property ;  it  leases  several 
for  the  purpose  of  organizing  and  grouping  in  order  to  create 
value  greater  than  that  of  properties  integrally. 

NET  INCOME  BASIS  OF  FRANCHISE. 

On  the  theory  that  all  net  income  is  contributed  by  taxable 
property,  all  elements  outside  of  physical  property  must  be  de- 
termined with  the  net  surplus  as  a  basis,  or  the  average  net  yearly 
surplus  for  a  period  of  five  years  or  more. 

FORMULA  FOR  DETERMINING   NON-PHYSICAL  ELEMENT. 

Professor  Henry  C.  Adams,  in  charge  of  Statistics  and 
Accounts  of  the  Interstate  Commerce  Commission,  has  given 
a  most  intelligent  and  comprehensive  statement  of  the  various 
problems  attendant  upon  the  construction  of  a  formula  for  the 
appraisal  of  the  non-physical  value  of  a  railroad.  This  state- 
ment is  found  in  Bulletin  21  of  the  Department  of  Commerce 
and  Labor,  Bureau  of  Census,  and  is  entitled  "Commercial  Value 
of  Railway  Operating  Property  in  the  United  States,"  1904. 
Besides  the  statement  of  Professor  Adams,  it  contains  articles 
by  various  other  statisticians  and  economists. 

Professor  Adams  was  called  upon  to  offer  a  method  of  pro- 
cedure which  was  intended  to  be  a  guide  in  the  formulation  of  a 
tax  law  for  the  determination  of  ad  valorem  values,  and  the  duty 
imposed  upon  him  was  entirely  different  from  that  imposed  upon 
this  office  by  the  State  Tax  Law  and  the  act  under  which  this 
work  is  being  carried  out ;  for,  since  we  are  instructed  to  appraise 
"the  value  of  the  remaining  property,  including  the  franchise/' 
we  are  precluded  from  offering  any  theory  to  be  used  as  a  basis 


44 

for  legislation.  The  Legislature  may  have  intended  that  ''the 
value  of  the  remaining  property,  including  the  franchise,"  should 
be  determined  solely  for  the  purpose  of  taxation  and  considered 
from  a  different  point  of  view  than  if  the  valuation  was  to  be 
made  for  the  purpose  of  establishing  commercial  value,  frdght 
rates  and  the  like.  The  State  Tax  Law  does  not  express  any 
such  intention  on  the  part  of  the  Legislature. 


PURPOSE  FOR  WHICH  VALUE  IS  TO  BE  USED. 

It  is  evident,  to  a  student  of  railroad  values,  that  it  may  be 
quite  reasonable  to  suppose  that  there  may  be  different  methods 
of  arriving  at  value,  depending  upon  the  purpose  of  determining 
the  value. 

The  expenses  of  the  State  do  not  fluctuate  violently  and  there 
is  generally  a  gradual  increase  of  expenses  as  the  population 
increases.  The  non-physical  value  of  a  railway  may  fluctuate  to 
a  considerable  degree  and,  consequently,  it  might  be  proper,  from, 
a  legislative  point  of  view,  to  determine  the  non-physical  value 
by  considering  the  average  non-physical  value  for  a  term,  of  five 
or  ten  years  rather  than  for  a  term  of  one  year,  during  which 
appraisal  is  being  made,  in  order  to  avoid  violent  fluctuations  of 
the  income  received  by  the  State  from  the  tax  on  "the  value  of 
the  remaining  property,  including  the  franchise,"  or  the  non- 
physical  value. 

CURRENT  YEAR  BASIS  OF  VALUE. 

We  have  given  this  question  g-reat  deliberation,  and  do  not 
feel  that  we  can  consider  any  value  for  Subdivision  IV.,  except 
that  of  the  calendar  year  ending  January  ist,  191 1.  Joint  Resolu- 
tion No.  3  does  not  state  specifically  that  the  value  of  the  railroad 
shall  be  determined  as  of  any  given  date;  nor  does  the  act  con- 
cerning inventory  and  appraisal  of  railroad  and  canal  property, 
including  franchise,  in  the  State  of  New  Jersey,  approved  April 
1 2th,  1910,  under  which  this  work  is  being  conducted,  specify 
the  date  at  which  values  should  be  fixed.  The  State  Board  of 


45 

Assessors  have  requested  that  the  values  be  fixed  as  of  January 
ist,  1911,  and  all  returns  made  in  shape  fo>r  use  for  the  assess- 
ment of  1911.  This  has  been  done. 

All  of  the  railroads  in  the  State  are  required  to  make  their 
annual  reports  to  the  Board  of  Public  Utility  Commissioners 
as  of  June  3Oth,  and  some  of  the  largest  systems  date  their  annual 
reports  to'  stockholders  as  of  December  3ist.  These  reports  to 
stockholders  are  not  generally  available  for  several  months  after- 
wards. Consequently,  we  have,  in  some  cases,  been  compelled  to 
use  the  statements  as  of  June  3Oth,  supplemented  by  such  addi- 
tional information  as  we  could  secure  directly  from  the  several 
companies. 

ANNUITY. 

It  must  be  assumed  that  the  purpose  in  determining  the  annuity 
is  to  arrive  at  legitimate  fixed  charges,  and  it  must  be  apparent 
that  this  cannot  be  determined  by  taking  present  value  as  was 
done  in  Michigan.  The  present  value  of  railroads  in  this  State, 
if  based  upon  cost  of  production  less  depreciation  and  obso- 
lescence, would  probably  be  still  greater  than  the  cost  to  produce 
the  same  property  at  the  date  it  was  produced.  On  the  other 
hand,  owing  to  changes  in  permanent  way,  made  necessary  by 
increase  of  weight  in  power  of  rolling  stock,  causing  the  dis- 
carding of  many  structures,  it  might,  perhaps,  be  considered  as 
having  required  an  investment  cost  greater  even  than  the  cost 
of  reproduction  to-day. 

BASIS  FOR  ANNUITY. 

We  believe  that  the  State  would  not  be  justified  in  basing  the 
annuity  on  present  value  as  represented  by  cost  of  reproduction 
less  depreciation  through  decrepitude  and  obsolescence,  but  that 
the  State  should  base  the  annuity  upon  the  present  value  of  the 
land  owned  by  the  railroad  and  used  for  railroad  purposes,  plus 
the  cost  of  producing  the  permanent  way  and  the  rolling  stock, 
new,  and  other  personal  property;  and,  in  addition  to  this,  so 


46 

far  as  it  is  possible  to  determine,  the  investment  cost  of  any 
abandoned  property  should  be  included,  and  the  total  sum  of  all 
these  elements  should  constitute  the  basis  of  the  annuity. 

The  summary  of  all  railroads  in  the  Michigan  report  shows 
that  deduction  of  about  18  per  cent,  was  made  between  the  cost 
of  reproduction  and  the  present  value,  and  the  total  deduction 
was  $36,318,106. 

ADDITIONS  AND  BETTERMENTS. 

The  question  of  whether  or  not  the  amounts  charged  against 
income  for  additions  and  betterments  should  be  deducted  from  the 
remainder  of  the  corporate  income  available  after  the  annuity  has 
been  deducted  from  the  available  corporate  income  is  exceedingly 
important.  In  Professor  Adams'  form  of  compilation  the  total 
amount  of  permanent  improvements  charged  to  income  is  taken 
from  the  available  corporate  income  after  the  annuity  and  taxes 
have  been  deducted.  It  is  apparent  that  the  total  available  income 
could  be  devoted  to  additions  and  betterments,  thereby  absorbing 
the  total  net  surplus,  in  which  case  there  would  be  no  surplus 
earnings  to  capitalize  into  the  value  of  "the  remaining  property, 
including  the  franchise" ;  and,  under  such  a  plan,  if  the  railroad 
so  desired,  it  might  avoid  all  taxation  on  Subdivision  IV.  by 
devoting  its  surplus  earnings  to  additions  and  betterments  and 
borrowing  the  necessary  amount  of  money  to  pay  dividends; 
and;  since  it  may  be  properly  assumed  that  all  additions  and 
betterments  increase  the  assets  of  the  company,  it  would  be 
absurd  to  contend  that,  because  the  moneys  for  the  payment  of 
these  additions  and  betterments  was  taken  from  income,  the 
value  of  the  property  was  less  because  there  was  no  surplus  to 
capitalize,  when,  as  a  matter  of  fact,  the  value  of  Subdivision  IV. 
is  dependent  upon  the  capacity  to  produce  a  net  surplus  and  is 
in  nozvisc  affected  by  the  disposition  of  the  net  surplus. 

It  may  be  wise  legislation  to  place  a  premium  on  the  develop- 
ment of  the  railroad  property  in  the  State  by  deducting  the 
amount  expended  for  such  development  from  the  net  available 
corporate  surplus,  thereby  reducing  the  taxes  of  the  railroad 


47 

company  which  expends  its  net  surplus  in  the  improvement  of  the 
property  within  the  State  instead  of  paying  it  out  in  dividends 
which  may  be  carried  out  of  the  State. 

We  are  not  asked  to  suggest  methods  of  administration  or 
legislation.  Our  duty  is  to  determine  the  value  of  the  real 
estate,  the  tangible  personal  property  and  the  value  of  "the 
remaining  property,  including  the  franchise,"  Subdivision  IV. 
Consequently,  the  value  of  Subdivision  IV.,  if  based  in  any 
degree  upon  the  commercial  value  as  expressed  in  the  capacity 
to  earn,  aside  from  its  physical  condition,  cannot  consider  any 
deductions  from  the  net  surplus,  which  is  determined  after  the 
annuity  and  the  taxes  are  deducted. 

METHODS   OF   ACCOUNTING. 

The  method  of  accounting  has  a  very  important  bearing  upon 
the  question  of  additions  and  betterments.  Some  railroads  have 
been  in  the  habit  of  charging  the  greater  portion,  if  not  all,  of 
the  cost,  improvements  and  betterments  to  operation  and  main- 
tenance; and,  by  this  means,  the  value  of  the  physical  property 
is  greatly  increased;  and  this  increment  is  not  reflected  in  their 
accounts  if  the  improvements  are  charged  to  operation  or  main- 
tenance. 

The  subject  of  additions  and  betterments  has  been  made  the 
basis  of  extensive  investigation  by  the  Interstate  Commerce  Com- 
mission, which  has,  from  time  to  time,  issued  the  instructions  for 
the  guidance  of  railroad  accounting.  The  classification  of  expen- 
ditures for  additions  and  betterments,  first  issued,  was  promul- 
gated under  date  of  June  2ist,  1909,  and  the  final  instructions  of 
the  Commission  were  issued  under  date  of  June  ist,  1910;  and 
these  primary  accounts  are  specified  under  thirty-five  separate 
headings.  There  is  no  distinctive  difference  between  the  mean- 
ings of  the  words  "additions"  and  "betterments,"  and  the  sim- 
ilarity of  these  terms  is  conceded  by  the  Commission  in  the  title 
of  the  second  article  under  "General  Instructions"  of  the  First 
Revised  Issue  of  "Classification  of  Expenditures  for  Additions 
and  Betterments,"  page  13,  from  which  we  quote  as  follows: 
"Inclusion  of  all  additions,  betterments  and  deductions." 


48 

A  considerable  betterment  to  the  main  line  of  a  railroad  in 
New  Jersey  may  be  made  for  the  purpose  of  reducing  the  cost 
of  transportation  from  points  far  distant  beyond  the  boundaries 
of  the  State,  and  this  improvement  may,  in  fact,  be  a  detriment 
to  the  State  of  New  Jersey  from  the  point  of  physical  value  of 
the  railroad  in  the  State,  for  the  reason  that  it  may  eliminate  a 
number  of  miles  of  permanent  way  and  track  from  the  value  of 
the  physical  property. 

NO    PRECEDENT. 

The  physical  valuation  of  railways  in  Michigan,  Wisconsin, 
Minnesota  and  Texas  was  not  conducted  in  compliance  with  any 
particular  tax  law  of  the  respective  States,  and  considerable  lati- 
tude was  found  for  the  introduction  of  theories.  In  this  State, 
we  face  a  condition,  not  a  theory;  and,  after  having  given  due 
consideration  to  all  the  questions  attendant  upon  this  work,  as 
we  understand  and  estimate  them,  we  have  concluded  to*  adopt 
the  following  plan  for  determining  the  Fourth  Division,  Sec- 
tion 3: 

FOURTH  DIVISION,  SECTION  3 ;  METHOD  OF  FIXING  VALUE. 

A.  The  investment  value  of  the  physical  property  be- 
fore depreciation. 

This  is  determined  by  the  present  value  of  railroad 
lands,  used  for  railroad  purposes,  plus  the  present  cost 
of  producing  the  roadbed,  track  and  appurtenances  of 
the  permanent  way;  plus  the  value  of  the  tangible  per- 
sonal property,  plus  the  abandoned  property,  if  any. 

B.  Appraised  value  of  real  estate  and  personal  prop- 
erty as  in  "A,"  less  depreciation  by  reason  of  decrepi- 
tude and  obsolescence. 

C.  This  item  should  include  all  gross  earnings  and  in- 
come of  every  kind  whatsoever,  excepting  earnings  from 
real  estate  not  used  for  railroad  purposes,  such  as  is  de- 
scribed under  the  tax  law  of  New  Jersey  as  third-class 
property,  and  income  from  securities. 


49 

D.  Operating  expenses,  exclusive  of  taxes,  including 
every  item  of   expenses   incurred  in  operating,   hire  of 
equipment,  joint  facilities,  miscellaneous  rents  paid,  etc., 
except  rent  of  property  not  used  for  railroad  purposes. 

E.  Available  corporate   income.     This   item,  is  deter- 
mined by  deducting  the  item  o>f  operating  expenses  (D) 
from  the  gross  earnings  (C). 

F.  Annuity  or  fixed  charges.     Five  and  one-half  per 
cent.   ($y2)  of  "A." 

G.  Taxes  on  appraised  value  as  represented  in  item 
"B."    This  rate  is  based  on  tax  rate  used  by  State  Board 
O'f  Assessors. 

H.  Income  from  property  not  covered  by  appraisal. 
This  item  should  include  all  rentals  from  third-class 
property;  that  is,  property  not  used  for  railroad  pur- 
poses. 

I.  This  item  includes  all  payments  for  interest,  ex- 
change, or  discount  oil  interest  bearing  current  liabilities ; 
interest  on  receivers'  certificates,  notes,  open  accounts, 
and  other  analogous  items. 

J.  This  item  includes  interest  on  funded  debt  incurred 
by  loss  in  operation. 

RATE  USED  IN  DETERMINING  SUBDIVISION  IV. 

The  determination  of  the  annuity  of  (F)  is  of  great 
importance,  as  a  slight  variation  in  the  rate  applied  to  the  gross 
investment  value  (A)  will  materially  affect  the  surplus  available 
for  dividends  and,  consequently,  the  value  of  Subdivision  IV. 
In  the  plan  formulated  by  Professor  Adams  the  appraised  value 
of  the  physical  elements  was  taken  as  a  basis  and  4  per  cent,  used 
as  the  rate  to  determine  the  annuity  or  interest  on  capital  invested 
in  the  physical  property. 

If  this  method  was  applied  to  the  example  given  the  annuity 
(F)  would  be  $2,400,000  instead  of  $3,850,000.  On  the  other 
hand,  as  we  understand  the  formula  of  Professor  Adams,  he 
deducts  from  available  corporate  income  (E)  all  money  charged 
to  income  to  cover  additions  and  betterments. 
4  E  S 


50 

We  have  called  attention  to  this  important  difference  feeling 
that,  since  we  are  called  upon  to  establish  value,  we  cannot  con- 
sider the  deduction  of  money  expended  for  additions  and  better- 
ments and  charged  against  income,  for  the  reason  that  the  value 
of  Subdivision  IV.  is  expressed  in  the  ability  of  the  property  to 
earn  a  net  surplus  after  paying  all  operating  expenses  and  interest 
on  the  money  invested  in  the  physical  property. 

INCOME:  FROM  SECURITIES  OWNED. 

The  purchase  by  one  railroad  company  of  securities  of  another 
railroad  company,  or  companies,  is  usually  done  for  the  purpose 
of  influencing  traffic,  or  with  the  expectation  of  maintaining  or 
securing  satisfactory  traffic  conditions.  Therefore,  the  value  of 
such  securities  is  largely,  if  not  entirely,  reflected  in  the  earnings 
of  the  railroad  purchasing  these  securities ;  and  the  earnings  from 
operation  (exclusive  of  earnings  from  property  not  used  for  rail- 
road purposes)  are  increased — or,  it  is  expected  that  they  will 
be  increased  by  reason  of  ownership  of  such  securities. 

The  question  whether  or  not  income  from  dividends  or  interest 
on  bonds  or  other  securities  should  be  included  with  income  from 
operation  in  the  determination  of  the  net  surplus  which  is  to  be 
capitalized  into  the  value  of  "the  remaining  property,  including 
the  franchise,"  has  been  given  deep  consideration. 

If  the  income  from  securities  of  other  companies,  held  in  the 
treasury  of  the  particular  company  under  consideration,  is  to  be 
taken  at  all,  we  should  ascertain  the  exact  amounts  invested  by 
the  company  in  question  in  the  purchase  of  these  various  securi- 
ties and  allow  an  annuity  on  such  purchase-money,  and  deduct 
this  annuity  from  the  net  available  income.  It  is  very  likely  that 
this  annuity  would  equal  or  exceed  the  dividends  or  interest 
received  from  the  various  stocks  and  bonds. 

We  are  not  in  a  position  to  ascertain  the  amount  of  the  actual 
investment  in  these  various  securities ;  and,  since  we  cannot  deter- 
mine how  much  of  the  value  of  these  securities  is  reflected  in  the 
earnings  from  operation,  we  have  decided  not  to  include  any  part 
of  the  income  from  such  investments  in  determining  the  net  stir- 


plus  available  for  capitalization  under  the  formula  used  for  the 
determination  of  the  Fourth  Division  of  Section  3,  which  reads 
as  follows:  "The  value  of  the  remaining  property,  including  the 
franchise." 

We  have  hereinbefore  directed  attention  to  the  obstacles  in  the 
way  of  ascertaining  the  value  of  stocks  and  bonds  for  the  purpose 
of  fixing  the  value  of  Subdivision  IV.,  and  in  concluding  the 
argument  along  this  line  wish  to  call  attention  to  the  relation 
which  the  bonds,  stocks  or  other  investments  owned  by  a  rail- 
road corporation  bears  to  the  net  revenue.  The  ownership  of 
these  bonds  or  stocks  of  other  railroads  may  bring  a  direct  rev- 
enue to  the  treasury  apart  from  the  earnings  from  operation, 
thereby  increasing  the  market  value  of  the  bonds  and  stocks  o>f 
the  railroad  corporation  owning  same,  and  yet  these  bonds, 
stocks  or  other  investments  of  a  railroad  company  may  have  a 
special  situs  in  other  States  or  are  exempt  from  taxation. 

WEST   SHORE   RAILROAD. 

A  notable  example  of  the  impracticability  of  applying  the  value 
of  stocks  and  bonds  in  the  determination  of  the  value  of  Sub- 
division IV.  is  the  West  Shore  Railroad.  The  road  extends  from 
Weehawken,  N.  J.,  to  Buffalo,  N.  Y.,  a  distance  of  423.67  miles 
(with  branches,  479.11  miles).  Of  this  distance,  19.337  miles 
are  in  New  Jersey,  and  the  appraised  value  O'f  that  portion  of  the 
line  in  NewT  Jersey  is  $11,402,215. 

This  road  is  leased  by  the  New  York  Central  and  Hudson 
River  Railroad,  which  owns  all  of  the  stock  ($10,000,000  par 
value)  and  guarantees  principal  and  interest  on  the  outstanding 
bonds  of  $50,000,000,  4  per  cent. 

The  apportionment  of  stocks  and  bonds  oi  intrastate  roads  has 
been  made  heretofore  by  the  State  Board  of  Assessors  on  the 
basis  of  miles  of  route.  On  this  basis  there  would  be  apportioned 
to  New  Jersey  $403,000  of  the  stock  and  $2,015,000  of  the  bonds, 
a  total  of  $2,418,000,  or  $8,984,2 15  less  than  the  appraised  value 
of  real  estate  and  tangible  personal  property. 

Without  an  appraisement  of  the  entire  system  there  are  no 
means  of  determining  the  ratio  of  the  appraised  value  as  between 


52 

the  road  in  New  Jersey  and  the  balance  of  the  line.  If,  however, 
the  accounting  of  the  West  Shore  is  kept  according  to  the  Inter- 
state Commerce  rules,  the  results  o>f  operation  of  the  lines  in 
New  Jersey  can  be  fairly  determined. 

THE  FOURTH  DIVISION,  SECTION  3. 

EXAMPLE   FOR   COMPUTATION. 

"THE  VALUE  OF  THE  REMAINING  PROPERTY,  INCLUDING  THE 

FRANCHISE/' 

A.  Gross  investment,    $70,000,000 

B.  Present  value  real  estate  and  tangible  personal 

property,    60,000,000 

C.  Gross  earnings,  $28,000,000 

D.  Operating  expenses  exclusive  of  taxes,  20,000,000 

E.  Available  corporate  income,  8,000,000 

DEDUCTIONS  FROM  "E". 

F.  Annuity    on   gross    investment,    $l/2%    on   $70,- 

000,000,   $3,850,000 

G.  Taxes   on    present    value    of   physical    property 

(B),  @  1.896,   1,137,600 

H.     Income    from    properties    not    covered    by    ap- 
praisal,    500,000 

I.      Interest,  exchange,  discount,  &c.,  600,000 

J.      Interest  on  funded  debt  incurred  in  operation,  000,000 

— 6,087,600 


Surplus  available  for  dividends,    $1,912,400 

Surplus  capitalized  at  7.896,  $24,219,858 

Present  value  real  estate  and  tangible  personal 

property,    60,000,000 


Total  of  all  values,  $84,219,858 


RATE  USED  IN  DETERMINING  ANNUlTy. 

In  the  foregoing  example,  illustrating  the  method  of  determin- 
ing the  value  of  Subdivision  IV.,  we  have  used  the  rate  of  5.5 
per  cent,  to*  determine  the  annuity  or  interest  charges.  The  rate 


53 

oi  5.5  per  cent,  on  estimated  cost  of  producing  the  permanent 
way,  structures  and  personal  property,  plus  the  normal  value  of 
the  land  at  the  date  of  valuation,  will,  in  our  opinion,  produce  a 
greater  sum  than  is  paid  as  interest  charge  on  the  property. 

The  value  of  the  land  as  appraised  includes  the  increment 
value  which,  in  many  cases,  is  a  large  item,  upon  the  value  o«f 
which  no  interest  is  paid. 

The  discounts  and  commiissions,  which  were  a  charge  against 
original  construction,  have  been  largely,  if  not  entirely,  wiped 
out  by  refunding*  the  bonds  and  by  the  taking  up  o>f  bonds 
through  the  sinking  fund  provided  from  net  earnings. 


RATE  USED  IN  CAPITALIZING  NET  SURPLUS. 

The  rate  of  7.896  per  cent.,  used  in  the  foregoing  example  for 
capitalizing  net  surplus  to  determine  the  value  O'f  Subdivision 
IV.,  is  six  per  cent,  plus  the  tax  rate  o>f  1.896  per  cent. 

The  capitalization  o<f  the  net  surplus  at  7.896  per  cent,  results 
in  a  value  to  the  remaining  property,  including  the  franchise, 
such  that  it  yields  a  net  income  o>f  six  per  cent,  after  payment  O'f 
taxes. 

It  is  manifest  that,  as  we  develop  a  value  for  the  non-physical 
elements  included  in  the  "value  of  the  remaining  property,  in- 
cluding the  franchise,"  we  are  addingl  to  the  taxable  value  of  the 
remaining  property.  The  tax  rate  to  be  levied  on  the  value  so 
found  should,  we  think,  be  used  in  some  manner  as  a  factor  in 
the  computation.  We  believe  that  this-  can  be  properly  accom- 
plished by  adding  the  tax  rate  to*  be  levied  to>  the  basic  income 
rate.  By  this  method,  any  increase  or  decrease  in,  tax  rate  will 
be  reflected  in  the  "Value  of  the  remaining  property,  including 
the  franchise." 

If  the  same  rate  were  used  to>  determine  the  annuity  or  in- 
terest on  the  investment  cost  o>f  the  physical  elements  as  is  used 
for  capitalizing  the  net  surplus,  we  would  have  a  perfect  gyro- 
scope ;  and,  in  case  there  should  be  a  net  surplus  after  paying  in- 
terest on  the  investment  and  taxes,  and  we  were  only  required  to 
know  the  total  value  from  the  point  of  view  of  earnings,  regard- 


54 

less  of  physical  elements,  we  could  then  use  the  net  surplus  capi- 
talized as  the  sole  factor  in  determining-  value. 

In  the  valuation  of  railroad  property  for  the  purposes  of  taxa- 
tion., we  must  bear  in  mind  the  distribution  of  value  between  the 
local  taxing1  district  and  the  State.  The  State,  in  this  case,  col- 
lects the  entire  tax  on  the  assessment  o>f  all  railroad  property  used 
for  railroad  purposes.  It  returns  to<  the  taxing  districts  the 
amounts  collected  on  assessments  of  all  railroad  property  outside 
of  the  main,  stem,  the  miain  stem  being  described  to  include  all 
personal  property,  the  roadbed  not  exceeding-  one  hundred  feet 
in  width,  with  its  rails  and  sleepers,  and  structures  erected  there- 
on and  used  in  connection  therewith,  not  including,  however, 
any  passenger  or  freight  building's  erected  thereon. 

Afll  railroad  property  not  used  for  railroad  purposes  is  as- 
sessed locally  in  the  taxing  district  wherein  it  is  located. 

The  State  not  only  returns  to  the  several  taxing  districts  the 
money  collected  from  assessments  on  property  outside  of  main 
stem,  termed  "second-class  property,"  but  it  also  returns  to  the 
several  counties  of  the  State  all  but  one-half  of  one  per  cent,  of 
the  assessed  valuation  oi  all  property  included  in  main  stem. 

It  will  be  seen,  therefore,  that  each  taxing  district  wherein 
"second-class"  railroad  property  is  to  be  found  is  deeply  inter- 
ested in  the  method  of  determining  the  value  oi  such  property. 
Each  county  is  interested  in  the  amount  assessed  to  main  stem, 
since  the  State  distributes  practically  seventy- four  per  cent,  of  the 
amount  collected,  for  State  use,  to  the  several  counties,  to  be 
applied  to  the  school  fund  of  each  county. 

In  order  to  apportion  the  value  of  one  hundred  and  twenty- 
five  separate  railroad  corporations  directly  to  the  several  taxing 
districts  having  "second-class"  property,  as  well  as  to  the  coun- 
ties interested  in  the  taxes  received  from  the  railroads  by  the 
State  and  distributed  to  the  school  fund  of  the  counties,  it  is 
necessary  to  appraise  the  property  located  in  each  taxing  district ; 
and,  no  matter  what  plan  is  used  to  determine  the  total  value  of 
a  railroad,  it  is  necessary  to  apportion  that  value  to  the  several 
taxing  communities  as  well  as  to  the  State.  This  cannot  be  done 
equitably  by  using  the  miles  of  route  as  a  basis  of  distribution  as 


55 

has  been  done  or  suggested  in  other  States,  for  the  reason  that,  in 
this  State,  terminal  properties  are  o>f  unusual  value.  The  value 
o>f  these  terminals  would  not  be  apportioned,  even  approximately, 
to  the  districts  of  Jersey  City  and  Hoboken,  where  their  great 
value  is  found,  by  using  miles  of  route  as  a  divisor. 

It,  therefore,  appears  to  be  necessary  that  we  carefully  ap- 
praise the  value  of  all  physical  elements  to  the  taxing  district 
wherein  it  is  situated ;  and,  while  the  total  value  is  not  materially 
affected  by  depreciation  or  appreciation  of  value  of  physical  ele- 
ments within  certain  limits  so  long  as  there  remains  a  net  surplus 
after  paying  interest  and  taxes,  both  the  State  and  the  taxing 
districts  must  condemn  any  taxing  system  or  appraisal  which 
does  not  correctly  locate  value  by  civil  divisions. 

If  there  were  no  necessity  of  apportioning  value  to  the  State 
and  to  the  minor  civil  divisions,  we  still  could  not  base  the  value 
of  a  railroad  property  for  the  purpose  of  assessment  simply  and 
solely  on  the  capitalization  of  its  net  surplus.  In  some  cases, 
there  is  a  deficit  and,  in  other  cases,  a  nominal  net  surplus;  in 
either  of  which  cases,  there  might  not  be  any  particular  market 
value  to  the  whole,  at  the  time,  due  to  earnings;  and,  yet,  the 
physical  value  might  be  very  large. 

The  question  arises,  why  do  we  use  6  per  cent,  as  a  basis,  plus 
tax  rate,  for  computing  Subdivision  IV.  We  think  that  this  dif- 
ference in  rate  should  be  maintained,  for  the  reason  that  the  in- 
tangible values  cannot  be  inventoried ;  they  can  only  be  appraised. 
Further,  the  intangible  values  are  subject  to  fluctuation  by 
reason  of  State  or  federal  legislation  and,  being  unstable,  a 
larger  rate  of  interest  should  be  allowed  than  for  the  known,, 
fixed  elements  of  the  physical  property. 

If  the  State  compels  the  railroads  to  lower  rates  of  service 
and,  by  reason  of  such  exercise  of  the  sovereign  power  of  the 
State  there  is  a  loss  of  net  revenue,  then  the  value  of  Subdivi- 
sion IV,  is  reduced  by  $12,664  f°r  eac^  $1,000,  and  the  loss  to 
the  State's  income  will  be  $240. 

If  we  use  6  per  cent,  as  a  divisor,  thus  ignoring  taxes,  thjej 
value  of  Subdivision  IV.  for  each  $1,000  of  net  surplus  would  be 
$16,667.  The  taxes  on  this  amount,  at  the  rate  of  1.896,  would 


56 

be  $316.     By  this  method,  we  would  reduce  the  ability  to  pay 
taxes  by  $76  for  each  $1,000  capitalized. 

The  present  tax  rate  of  1.896  added  to  the  basis  rate  of  6  per 
cent,  gives  the  State  24  per  cent,  of  the  net  surplus  from  rail  oper- 
ations after  all  operating  expenses,  maintenance,  interest  and 
fixed  charges  have  been  paid. 

The  State  and  Federal  courts  hold  that  the  State  cannot  reduce 
railway  rates  for  carriage  below  a  point  necessary  to  assure  a 
fair  return  upon  the  investment  in  the  property;  and,  in  some 
cases,  the  "fair  return"  has  allowed  interest  and  taxes  on  the 
unearned  increment  which,  as  in  the  case  of  the  tidewater  ter- 
minals, amounts  to  a  considerable  sum. 

If  the  State,  in  the  exercise  of  its  power,  fixes  such  rates  as 
will  allow  the  railroads  to  earn  only  the  fixed  charges,  and  taxes, 
on  the  investment  in  the  property,  there  will  be  no  property  re- 
maining after  the  tangible  property  has  been  assessed.  If,  on  the 
other  hand,  rates  are  so  fixed  as  to  permit  the  railroad  companies 
to  earn  a  net  surplus,  then  every  taxpayer  in  the  State  will  secure 
a  portion  of  such  net  surplus,  since  the  State  returns  to  the  coun- 
ties $177  out  of  each  $1,000  of  net  surplus  earned  by  the  rail- 
roads; and,  in  turn,  each  county  distributes  this  $177  to  the 
school  fund  of  each  taxing  district.  The  Civil  Division,  not 
having  any  railroad  within  its  borders,  thus  participates  in  the 
income  secured  by  the  State  from  the  assessment  on  Subdivision 
IV. 

The  railroads  and  the  State  are  thus  jointly  interested  in  the 
question  of  rates  of  carriage.  On  the  one  hand,  the  State  may 
favor  the  direct  payer  of  the  rail  rates  by  reducing  mtrastritei 
rates  at  the  expense  O'f  the  State  and  school  fund ;  on  the  other 
hand,  the  State  may  favor  rates  of  carriage  which  will  enable  the 
railroads  to  earn  a  net  surplus,  of  which,  for  each  $1,000  so 
earned  the  railroads  k&ep  $760,  the  State  keeps  $63,  and  the 
school  fund  receives  $177. 

The  State  may  have  but  limited  power  to  exercise  any  control 
over  the  earnings  of  railroads  operating  in  the  State  since  the 
larger  part  of  the  profitable  business  originates  outside  the  State, 
and  is  classed  as  "through"  or  "interstate  business."  There  is, 


57 

however,  a  large  amount  of  business  intrastate,  and  it  is  thus 
within  the  power  of  the  State  to  increase  or  diminish  the  in- 
come to  the  school  fund  and  to  the  State  from  taxes  levied  od 
the  value  of  "The  remaining-  property,  including-  the  franchise." 

The  inventory  does  not  include  the  value  of  the  liquid  or 
working  assets,  for  the  reason  that  the  value  of  such  assets  are 
covered  in  the  amount  determined  in  the  capitalization  of  the 
net  surplus. 

These  working  assets  include : 

Cash. 

Securities  issued  or  assured — held  in  treasury. 
Marketable  securities. 
Loans  and  bills  receivable. 

Traffic  and  car-service  balances  due  from  other  com- 
panies. 

Net  balance  due  from  agents  and  conductors. 
Miscellaneous  accounts  receivable. 
Materials  and  supplies. 
Bills  receivable. 
Other  working  assets. 

The  working  or  liquid  assets  amount  to  many  thousands  of 
dollars  in  the  case  of  the  large  railroad  systems  of  this  State. 


VARIABLE    RATE    OF   ANNUITY. 

It  seems  just  to  consider  a  larger  rate  oi  annuity  in  the  case 
of  the  unclassified  roads  that  are  unimportant  and  whose  earn- 
ings, be  they  ever  so  satisfactory,  would  not  be  of  sufficient  im- 
portance to  enable  them  to  borrow  money  or  to  finance  addi- 
tions and  betterments  without  a  considerable  discount  commis- 
sion and  a  rate  of  interest  somewhat  higher  than  the  better  roads 
would  pay;  and,  in  some  cases,  it  might  not  be  unreasonable  to 
fix  the  annuity  rate  at  8  per  cent. 

For  the  purpose  of  this  report,  however,  we  have  used 
per  cent,  throughout. 


58 

DISTRIBUTION  OF  TERMINAL  VALUES  OUTSIDE  OF  STATE. 

The  tidewater  terminals  are  a  part  of  the  entire  railroad 
system  and  many  of  the  constituted  companies  in  New  Jersey 
could  be  operated  as  efficiently  without  these  terminals  outside 
of  main  stem. 

A  well-known  engineer  was  requested  to  give  an  estimate  of 
the  cost  of  building  a  two-track,  steam-  railroad  between  New 
York  and  Chicago.  Naturally,  he  could  not  furnish  such  an 
estimate  within  reasonable  limits  without  a  survey.  He  did, 
however,  offer  the  opinion,  that  the  cost  of  acquiring  the  land 
only,  for  an  entrance  to  New  York  City  corresponding  to  the 
New  York  Central,  would  aggregate  an  amount  equal  to  $100,000 
for  each  mile  'for  the  entire  line  between  New  York  and  Chicago. 

The  Pennsylvania  Railroad  Company  has  recognized  the  value 
of  New  York  terminals,  to  lines  included  in  its  system,  lying 
remotely  from  New  York,  and  some  ten  millions  of  dollars  were 
charged  to  lines  ivest  of  Pittsburg. 

We  think  that  the  portion  of  lines  of  any  interstate  system 
operating  in  New  Jersey  with  tidewater  terminals,  made  neces- 
sary for  the  business  of  the  system,  should  not  be  required  to 
pay  the  interest  charge  and  taxes  on  the  entire  value  of  the 
second-class,  terminal  property. 

<e  interest  charge  and  the  taxes  are  deducted  from  the  net 
revenue  before  the  net  surplus  is  determined.  Consequently,  if 
we  charge  the  annuity  of  five  and  one-half  per  cent,  and  the  taxes 
on  the  total  value  of  the  terminals  outside  of  main  stem,  the  net 
income  from  rail  operations  may  be  wiped  out ;  and,  since  we  are 
called  upon  to  establish  the  "true  value"  of  the  railroads  in  the 
State,  we  think  that  the  annuity  should  be  charged  on  only  the 
proportion  of  the  value  of  the  terminals  outside  of  main  stem 
which  is  properly  chargeable  to  the  lines  within  the  State. 

We  are  not  unmindful  of  the  fact  that  there  are  terminals  out- 
side the  State,  the  value  of  which  may  properly  be  apportioned 
to  lines  within  the  State.  We  have  charged  the  annuity  on  all 
values  within  the  limits  of  main  stem  to  the  the  line  within  the 
State  which  uses  same,  although  a  large  amount  of  interstate 


59 

business  is  discharged  at  the  tidewater  terminals  within  the 
limits  of  main  stem.  The  length  of  route  within  the  State  is, 
in  most  every  case,  much  shorter  than  the  length  of  route  out- 
side the  State,  while  the  value  of  the  tidewater  terminals  in  the 
State  is  in  the  reverse  proportion. 

In  the  computation  of  Subdivision  IV.,  we  have  added  the 
value  of  terminal  floating  equipment  to  the  value  of  the  physical 
property  outside  of  the  main  stem  and  have  fixed  the  value  upon 
which  the  annuity  of  five  and  one-half  per  cent,  is  fixed  by  dis- 
tributing this  value  within  and  without  the  State.  After  fixing 
the  amount  within  the  State,  this  amount  is  distributed  to  the 
various  constituent  companies  benefited,  on  the  basis  of  mileage 
of  all  tracks,  the  value  new  being  taken  for  calculation  of 
annuity  and  the  present  value  for  calculation  of  taxes. 


EXPLANATION  OF  METHOD  TO  RAILROAD  OFFICIALS. 

In  order  that  the  railroad  officials  operating  the  various  sys- 
tems in  this  State  might  have  an  opportunity  of  giving  their 
views  as  to  the  proper,  method  of  determining  the  'Value  of  the 
remaining  property,  including  the  franchise,"  an  invitation  was 
extended  to  the  presidents  of  the  various  roads  to  attend  a  meet- 
ing for  a  public  discussion.  In  response  to  this  invitation  the 
railroads  instructed  the  officials  in  charge  of  tax  matters  to  rep- 
resent themi  at  this  meeting1..,  Each  official  present  was  furnished 
a  copy  of  the  method  hereinbefore  described,  and  the  whole  plan 
was  fully  described  in  detail  at  the  meeting.  None  of  the  rail- 
road representatives  offered  to  discuss  the  plan,  nor  did  they  sug- 
gest any  plan  which,  in  their  opinion,  would  be  proper  to  use  in 
determining  Subdivision  IV.  The  burden  of  the  argument  was 
that  any  value  over  and  above  the  market  value  of  the  real  estate 
and  tangible  personal  property  was  due  to  management  and  that 
there  should  be  no>  value  assessed  against  the  railroad  corporation, 
to  comply  with  the  State  Tax  Law,  which  specifically  provides 
for  "the  value  of  the  remaining  property,  including  the  fran- 
chise." 


6o 

The  unearned  increment  or  non-phyhical  value  of  a  railroad 
property  has  a  very  considerable  market  value,  and  this,  coupled 
with  the  value  of  the  physical  elements,  is  generally  termed  the 
commercial  value,  and  this  is  the  value  that  is  considered  by  a 
purchaser. 

We  again  call  attention  to  the  opinion  of  Mr.  Justice  Brewer, 
who  says: 

"Now,  it  is  a  cardinal  rule  which  should  never  be  for- 
gotten, whatever  property  is  worth  for  the  purpose  of  in- 
come and  sale  it  is  alsoi  worth  for  the  purpose  o>f  taxation." 

We  appreciate  the  high  ability  of  many  of  the  railroad  oper- 
ating officials  in  this  State,  and  yet  we  cannot  believe  that  the 
very  large  net  revenues  of  the  various  systems  in  this  State  are 
due  to  the  particular  ability  oi  the  present  railroad  officials  oper- 
ating same,  but  that  this  large  revenue  is  due  to  the  growth  of 
the  community,  coupled  with  the  adventitious  location  of  the 
property,  the  products  of  the  soil  and  the  production  o<f  the 
mines. 

Railroad  officials  generally  are  called  upon  to  perform  routine 
work,  and  while  there  is  an  acknowledged  difference  between  the 
results  obtained  by  one  railroad  official  as  compared  with  another, 
it  cannot  be  truly  said  that  the  difference  in  safety  and  economy 
is  due  in  a  marked  degree  to  the  railroad  official. 

The  organization  of  the  operating  staff  of  railroads  in  this 
State  is  the  result  of  a  considerable  period  of  time,  consequently 
the  chief  executive  of  a  railroad  property  is  not  burdened  with 
the  task  of  creating  a  new  organization,  and  the  general  policy 
of  the  company  is  dictated  by  the  banking  houses  or  the  boards 
of  directors,  which  are  naturally  composed  of  financiers  who,  in 
many  cases,  have  an  interest  in  several  of  the  various  railroad 
companies  operating  in  the  State;  consequently,  there  is  no 
particular  difference  in  the  attitude  of  the  administration  toward 
the  handling  of  the  business  of  the  company. 

IMPROVEMENTS  NOT  GENERALLY  DUE  TO  RAILROAD  OFFICIALS. 

Practically  all  inventions  and  developmients  attending  upon 
economical  railroad  operation  and  safe  travel  are  due  to  men  who 
are  not  officers  o»f  railroads,  but  are  engaged  in  the  invention  and 


6i 

production  -of  the  various  equipment  of  railroads,  and  this  is  il- 
lustrated each  year  at  the  meetingis  of  the  Master  Mechanics  and 
the  Master  Car  Builders7  Association.  These  conventions  are 
held  not  only  to  discuss  important  subjects  relative  to  the  needs 
oif  the  various  operating  departments  oi  the  railway,  but  in  order 
that  the  railway  official  may  see  and  be  instructed  in  the  hundreds 
of  new  developments,  and  various  railroad  devices  are  exhibited 
to  them  by  the  designers  and  manufacturers. 

The  railroad  officials  frequently  determine  rules  of  standard 
practice  in  all  of  the  departments,  and,  indeed,  select  the  design 
of  apparatus  which  is  generally  a  selection  of  what,  in  their 
opinion,  is  the  best  O'f  the  various  designs  offered  by  the  manu- 
facturer, and  this  results  in  many  cases  in  throttling  progress 
rather  than  advancing1  it,  for  the  reason  that  the  adoption  of  a 
standard  design  is,  in  fact,  an  announcement  to  the  manufacturer 
that  he  is  not  expected  to  attempt  to  develop  along  the  line  of  the 
particular  standard  adopted,  for  if  he  did  he  would  change  the 
standard,  and  it  is  only  after  the  inventor  and  manufacturer  has 
persisted  in  developing  to  a  higher  plane  and  produced  a  result 
which  is  far  in  advance  of  the  standard  adopted  that  such  devel- 
opment is  acknowledged  by  the  railroads  and  the  standard 
changed.  This  practice  on  the  part  of  the  railroad  is  probably 
necessary  from  an  economic  point  of  view  in  the  keeping  of  sup- 
plies and  parts,  but  it  cannot  be  justly  claimed  that  in  adopting 
this  policy  the  railroad  official  is  accelerating  progress  in  safety, 
economy  of  operation  or  in  maintenance. 

The  growth  of  the  community  is  due  in  part  to  the  facilities 
offered  by  the  railroad,  and  in  part  to  the  natural  increase  in 
population  and  the  higher  plane  of  living,  and  we  think  it  is  im- 
possible toi  divorce  the  necessities  of  the  railroad  from  the  neces- 
sities of  the  community,  but  rather  that  both  should  go  hand  in 
hand  and  supplement  each  other,  and  since  the  growth  of  the 
community  is  reflected  in  the  increased  net  revenue,  it  seems 
reasonable  to  contend  that  the  community  and  the  State  should 
participate  in  some  degree  in  this  increased  prosperity,  and  it  ap- 
pears to  have  been  the  intention  o>f  the  Legislature  to  provide  that 
the  railroad  should  divide  this  increased  earning  in  some  manner, 
and  in  order  to  set  this  fact  forth  prominently  in  the  Tax  Law, 
Subdivision  IV.  was  created. 


CHAPTER  VIL 

MAIN  STEM. 

The  act  of  1884,  together  with  the  amendments,  does  not  give 
a  clear  definition  of  ''Main  Stem/'  and  the  "Boundaries  of  Main 
Stem"  has  been  a  subject  o<f  considerable  controversy  in  this 
State. 

In  the  case  of  the  Central  Railroad  Company  of  New  Jersey 
vs.  The  State  Board  of  Assessors,  46  Vr.  120,  1907,  the  Supreme 
Court  says,  in  discussing!  the  line  of  demarkation  between  first 
and  second  class  railroad  property: 

(P.  139.)  "Practically  the  line  of  division  is:  'Main 
Stem'  within  one  hundred  feet,  waterway,  towing-4path, 
bermebank  on  the  one  side;  these  are  continuous,  running* 
from  end  to  end  of  the  railroad  or  canal." 

(P.  141.)  "The  distinction  between  the  continuous 
belt  of  land,  without  which  a  railroad  could  not  exist  as  a 
highway,  and  other  sorts  of  railroad  property,  was  early 
recognized,"  etc. 

(P.  144.)  "The  limitation  by  width  is  only  one  of  the 
several  limitations  that  go  to  make  the  statutory  defini- 
tion of  'Main  Stem.'  As  defined  in  Chapter  122  of  the 
Laws  of  1906,  it  does  not  extend  beyond  'the  roadbed 
with  its  rails  and  sleepers  and  structures  erected  thereon 
and  used  in  connection  therewith,'  although  this  be  less  in 
width  than  one  hundred  feet.  It  is  only  in  places  where 
there  may  happen  to  be  a  greater  width  that  the  one  hun- 
dred feet  limitation  has  effect." 

Mr.  Justice  Fort  says,  in  the  case  of  Mayor  of  Jersey  City  et  al. 
vs.  Central  Railroad  Company  of  New  Jersey  et  al.,  68  AtL  Rep. 
227,  Court  of  Errors  and  Appeals,  1907 : 

"Every  railroad  must  have  a  main  stem.  The  one  hun- 
dred feet  of  main  stem  o-f  any  railroad  miust,  of  necessity, 


63 

be  selected  from  that  part  of  its  right  of  way  or  roadbed, 
or  other  property,  upon  which  is  laid,  or  proposed  to  be 
laid,  the  tracks  over  which  its  freight  and  passengers  (if 
it  carries  passengers)  are  transported.  All  tracks  outside 
of  the  one  hundred  feet,  and  the  land  upon  which  they  are 
laid,  and  also  tracks  used  exclusively  for  chutes  into  fac- 
tories, and  for  yards,  and  the  like,  or  used  in  the  ordinary 
transaction  of  business  for  cars  at  rest,  are  not  embraced 
within  this  definition,  and  could  not  have  been  intended  to 
be  embraced  within  the  term  'main  stem'  as  used  in  the 
statute." 

BOUNDARIES  OF  MAIN,  STEM. 

If  the  boundaries  of  main  stem  were  limited  by  the  area  of 
land  covered  by  the  roadbed  not  exceeding  one  hundred  feet  in 
width,  it  is  evident  that  the  width  of  the  strip  of  land  constituting 
the  main  stem  would  be  constantly  varying  and  the  outline  of 
same  would  be  marked  by  the  toe  of  slope  of  all  embankments 
and  the  line  of  excavation  in  all  cuts ;  and  it  would  be  exceedingly 
difficult  to  compute  the  areas  and  quantities  in  the  main  stem  and 
to  fix  the  proportionate  amount  between  main  stem  and  second- 
class  property. 

The  practice  of  the  State  Board  of  Assessors  has  been  to  fix 
the  boundaries  of  the  main  stem  by  a  strip  of  land  not  exceeding 
one  hundred  feet  of  uniform  width,  with  its  rails  and  sleepers, 
and  all  structures  erected  thereon  and  used  in  connection  there- 
with, not  including,  however,  any  passenger  or  freight  build- 
ings erected  thereom. 

TERM  "ROADBED"  CONFUSING. 

The  use  of  the  term  "roadbed"  apparently  confuses  the  defini- 
tion of  main  stem  and,  for  the  purpose  of  this  inventory  and'  ap- 
praisal, we  have  followed  the  practice  of  the  State  Board  of  As- 
sessors in  order  to  prepare  our  data  in  such  form  as  to  be  com- 
parable with  previous  valuations. 


64 

The  confusion  of  thought  arising  from  the  interpretation,  by 
various  courts,  of  the  term  ''main  stem,"  and  the  fact  that  the 
law  does  not  seem  to  be  specific,  has  lead  us  to-  suggest  a  definition 
of  main  stem ;  which  will  be  found  in  the  appendix. 


65 

CHAPTER  VHL 

LAND  AND  REAL  ESTATE. 

LAND  VALUE  PERPLEXING. 

The  question  of  land  values  is  perplexing1,  especially  when  we 
are  called  upon  to  eliminate  all  elements  of  franchise  value  aris- 
ing- from  the  use  oi  the  land  for  railroad  purposes. 

Mr.  Justice  Beasley  said,  in  1886: 

LAND  VALUE  TO  BE  SEPARATED  FROM  FRANCHISE, 

' 'Objection  is  made,  in  various  respects,  to  the  valua- 
tions of  property  which  have  been  returned  by  the  State 
Board. 

"The  first  exception  in  this  vein  is  that,  instead  of  as- 
certaining the  true  value  of  the  lands  of  these  companies, 
the  Board,  after  ascertaining  such  value,  multiplied  the 
sum  thus  settled  by  the  numbers  two  or  three,  and  adopted 
the  product  as  the  market  or  true  value  of  the  property. 
It  is  insisted  that  by  this  course  these  officers  have  as- 
sessed these  lands  at  two  or  three  times  their  real  value." 

"But  we  have  failed  to  see  either  the  illegality  or  injus- 
tice of  this  part  of  the  proceeding.  The  problem  is  not 
what  land  for  agricultural  or  building  purposes  is  worth, 
but  what  a  narrow  strip  of  land,  with  valuable  easements 
annexed  to  it,  adapted  to  railroad  uses,  will  bring  in  the 
market. 

MARKET  VALUE   OF   RAILROAD. 

"It  seems  to  us  unquestionable  that  the  marketable 
value  of  a  successful  railroad  is  generally  greatly  in  ex- 
cess of  the  value  of  its  roadbed,  equipments  and  other 
tangible  possessions.  The  location  O'f  the  road,  the 

5  B  s 


66 

places  or  territories  it  connects,  its  capabilities  for  future 
expansion,  are  all  elements  going  to  make  up  its  produc- 
tiveness as  a  vendible  thing  in  the  market." 
This  opinion  seems  to  include  the  intangible  or  franchise  value 
with  real  estate.     Later,  in  1909,  after  the  amendment  to  the 
fourth  division  of  Siection  3,  in  1888,  Mr.  Justice  Garrison  said: 


ADDITIONAL  VALUE  IMPARTED  BY  CHARTER. 

"In  the  ascertainment  of  the  value  of  second-class  rail- 
road property  under  Subdivision  II.  of  Section  3  of  the 
revised  act  O'f  1888  for  the  taxation  of  railroad  and  canal 
property  the  State  Board  of  Assessors  is  required  to  value 
such  property  at  the  value  it  has  in  exchange  for  money 
as  shown  by  the  testimony,  i.e.,  at  its  market  value.  Ad- 
ditional value  imparted  to  such  property  by  its  use  under 
a  railroad  franchise  should  not  be  included  in  such  ascer- 
tainment. 

"The  duty  of  the  State  Board  of  Assessors  under  the 
supplemental  act  of  March  4th,  1908,  is  the  same  and 
none  other  than  that  required  of  them  by  Section  3  of  the 
revised  act  of  1888  recited  in  such  supplement. 

"We  think  that  the  increase  of  value  over  and  above  its 
market  value  that  is  imparted  to  second-class  railroad 
property  by  reason  of  its  use  under  a  railroad  franchise 
should  not  be  included  in  the  valuations  o<f  such  property 
by  the  State  Board  of  Assessors  under  Section  3,  Subdi- 
vision II.,  of  the  act  of  1888,  and  that  the  opposite  course 
would  be  directly  contrary  to  the  scheme  of  such  act;  in 
other  words,  that  it  is  absolutely  essential  to  the  integrity 
of  the  taxing1  scheme  of  this  act  that  the  valuation  placed 
upon  tangible  real  property  under  Subdivision  II.  of  Sec- 
tion 3  O'f  the  act  shall  not  include  any  element  of  value 
that  is  imparted  to  it  by  the  intangible  property,  i.e.,  the 
franchise  that  is  to  be  valued  under  Subdivision  IV.  of 
the  same  section.  The  reason  for  this  is,  we  think,  clear." 


67 

SUPREME  COURT  SUSTAINED  BY  COURT  OF  ERRORS. 

The  opinion  of  the  New  Jersey  Supreme  Court,  delivered  by 
Justice  Garrison,  from!  which  we  have  quoted  above?  has  been 
sustained  by  the  Court  O'f  Errors;  and,  since  we  are  required  to 
find  the  value  of  "the  remaining1  property,  including  the  fran- 
chise," we  consider  that  the  "true  value"  of  the  land  can  only  be 
determined  under  the  law,  entirely  apart  from  its  use  for  rail- 
road purposes. 

NAKED  VALUE. 

Having  eliminated  the  element  o<f  use,  we  reduce  the  ques- 
tion to  the  naked  value  O'f  the  land,  apart  from  the  improvements 
thereon,  and  disregard  the  cost  to  acquire  for  railroad  purposes. 
We  are  not  instructed  to  determine  the  cost  to  produce  the  land. 
We  are  required  to  determine  the  value. 

MAIN   STEM   LAND  NOT  A  CONTINUOUS  STRIP. 

The  land  in  the  main  stem  of  a  railroad  is  NOT  a  continuous 
strip,  and  would  not  be  available  for  railroad  use  unless  it  was 
welded  together  by  the  sovereign  power  of  the  State. 

The  right  of  way  is  frequently  broken  by  cross  streets,  streams 
and  rivers.  The  power  to  cross  these  streets  and  waterways  is 
given  by  the  State  through  the  charter  to>  build  and  operate  a 
railroad.  The  main  stem  land  is,  therefore,  merely  broken  sec- 
tions or  strips  of  land,  and  any  additional  value  it  may  have 
over  the  contiguous  lands,  by  reason  of  the  closing  of  the  gaps 
by  the  power  of  the  State  is,  we  think,  reflected  in  the  value  of 
the  remaining  property,  including  the  franchise. 

TAXING  DISTRICTS. 

In  this  State  there  are  some  four  hundred  and  fifty  taxing 
districts  in  which  railroads  operate.  The  property  in  these 


68 

taxing-  districts,  other  than  property  used  for  railroad  purposes, 
is  appraised  and  assessed  by  the  local  assessor  or  assessors  of 
each  district. 

The  term  "taxing  district"  as  used  in  the  act  "shall  be  con- 
strued to  include  every  political  division  less  than  a  county 
where  inhabitants  or  officers  have  the  power  to  levy  taxes;  the 
term'  "Assessor"  shall  apply  to  all  officers  charged  with  the 
assessment  of  taxes.  These  assessors  are  required  to>  file  affi- 
davits setting  forth  as  follows: 


ASSESSORS'  AFFIDAVIT. 

"The  foregoing  list  contains  the  valuations  made  by, 
me,  to  the  best  of  my  ability,  of  all  property  liable  toi 
taxation  in  the  taxing  district  in  which  I  am  the  assessor, 
and  that  I  have  valued  the  same,  without  favor  or  par- 
tiality, at  its  full  value,  at  such  price  as  in  my  judgment 
it  would  sell  for  at  a  fair  sale,  by  private  contract  on  the 
twentieth  day  of  May  last,  and  have  made  such  deduc- 
tions only  for  debts,  and  exemptions  as  are  prescribed  by 
law." 

FICTION  OF  THE  LAW. 

The  price  agreed  upon  between  a  willing  seller  and  a  willing 
purchaser  is  a  realty,  quite  apart  from  the  fiction  of  an  imaginary 
price  to  be  agreed  upon  between  an  imaginary  willing  seller  and 
an  imaginary  willing  buyer.  The  fixing  of  a  definite  value  as 
of  May  twentieth,  or  any  other  date,  adds  to>  the  fiction,  as  it 
would  be  entirely  impossible  to  consummate  the  sale  publicly  or 
by  private  contract  on  any  given  date. 

We  have  the  right  to  assume,  however,  that,  since  the  several 
assessors  are  elected  or  selected  by  the  taxpayers  of  their  respec- 
tive communities,  they  must  have  had  sufficient  experience  in 
land  values  to  entitle  them  to  assess  the  property  in  theft 
respective  districts,  and  that,  therefore,  they  are  the  best  avail- 
able source  of  information  concerning  the  going  price  or  "true 


69 

value"  of  the  land  in  their  districts ;  and,  since  the  several  tax- 
ing- districts  are  content  to  accept  the  opinions  of  these  assessors 
as  to  the  "true  value"  of  the  property  of  individuals,  corpora- 
tions (excepting  railroad  corporations)  and  firms,  we  should 
give  considerable  weight  to  the  opinions  of  the  several  local 
assessors  when  considering  the  "true  value"  of  land. 

LAND  ADJOINING  RAILROADS. 

In  order  that  we  might  secure  accurate  information  from 
the  assessors  relative  to  assessed  valuation  of  lands  adjoining 
railroad  lands,  we  prepared  "Form  26,"  entitled  "Memorandum 
of  Assessed  Valuation  of  Land  Adjoining  Main  Stem."  The 
County  Boards  of  Taxation  were  furnished  with  these  forms 
and  requested  to  send  same  to  the  various  assessors  with  instruc- 
tions from  them  to  indicate  thereon  the  area  and  the  assessed 
valuation  of  each  tract  of  land  or  lot  adjoining  railroad  land. 
From  time  to  time,  a  member  of  our  staff  was  sent  to  each 
county  seat  to  supervise  these  records,  and  the  data  so  obtained 
has  been  approved  by  the  several  County  Boards  of  Taxation. 

FIELD  NOTES  OF  ENGINEERS. 

The  instructions  to  field  engineers  call  for  field  notations 
showing  the  character  of  land  and  relative  improvements.  The 
field  books  show  this  record  for  each  foot  of  line  in  the  State. 
In  earlier  years,  the  county  records  showed  the  consideration 
paid  in  the  deed  of  record.  O'f  late  years,  however,,  the  deed 
may  or  may  not  show  the  actual  amount  of  the  purchase-money. 
We  have  not  attempted,  therefore,  to  make  abstracts  from  the 
deed  records  of  the  various  counties  and  have  supplemented  the 
assessors'  records. 

LAND. 

No  per  cent,  has  been  added  to  the  value  of  lands  in  excess 
of  the  value  in  exchange  for  money,  as  near  as  such  value  can' 


7° 

be  determined  by  the  exchange  price  of  lands  adjoining  the  lands 
of  the  railroad  in  each  particular  taxing  district,  and  at  each 
particular  point  where  such  lands  adjoin  railroad  lands.  The  cost 
of  acquiring  the  land  has  not  been  taken  into  consideration,  as 
has  been  frequently  done  by  other  States  which  have  attempted 
to  determine  the  value  of  the  physical  property  of  railroads, 
excepting  that  administration  and  interest  at  7  per  cent,  has 
been  added  to  land  in  main  stem.  It  is  generally  conceded  that  a 
railroad  seeking  to  acquire  rights  of  way  through  a  village, 
town  or  city,  or  through  a  well  improved  and  highly-developed 
farming  section,  must  pay,  for  the  land  necessary  for  the  right 
of  way,  a  sum  considerably  in  excess  of  the  rate  of  the  going 
price  of  the  property  they  desire  to  acquire ;  and,  in  many  cases, 
where  a  community  is  in  great  need  of  railway  facilities,  the 
cost  of  acquiring  the  land  is  considerably  below  the  value  of  the 
adjoining  lands. 

RECORDS  OF  SALE. 

There  are,  of  course,  isolated  examples  of  the  sale  and  trans- 
fer oi  land,  but  these  transfers  are  so*  infrequent  and  the  actual 
purchase  price  so  difficult  to<  determine  that  it  is  not  considered 
wise  to  measure  the  greater  quantities  by  the  lesser. 


VALUE  AND  USE. 

The  law  tells  us  to  eliminate,  from  our  consideration, 
purpose  to'  which  the  land  is  applied.  Therefore,  we  have  valued 
the  land  stripped  of  all  improvements  as  a  piece  of  naked  land, 
in  the  open  market,  for  any  reasonable  purpose  to  which  it  may 
be  applied.  The  presence  of  a  railroad,  with  its  embankments, 
permanent  way  and  structures,  and  the  operation  of  traffic  over 
same,  may  depreciate  or  appreciate  the  value  of  the  adjoining 
lands;  consequently,  the  "true  value"  is  so  closely  interwoven* 
with  the  value  for  a  specific  purpose  that  it  is  difficult  to 
determine  whether  the  value  of  the  adjoining  lands  would  be1 
enhanced  or  depreciated  by  the  absence  of  the  railroad,  with  its' 
embankments,  and  the  operation  of  trains  over  same. 


7* 
TIDE-WATER  TERMINAL  LANDS. 

The  valuation  of  lands  used  for  railroad  purposes  other  than 
main  stem  comprised  in  the  various  terminals  in  Jersey  City 
has  been  a  matter  of  discussion  by  the  local  assessors,  the  State 
Board  of  Assessors  and  the  owners  fo<r  years.  Volumes  of 
testimony  have  been  taken  in  the  various  suits  relating1  to  the 
assessed  valuation  and  practically  every  person  able  to  qualify 
as  a  real  estate  expert  for  lands  in  Jersey  City  and  Hoboken 
City  has  given  testimony  as  to<  their  values. 


ASSESSED  VALUE  1910. 

The  terminal  lands  in  Jersey  City  used  for  railroad  purposes, 
exclusive  of  the  area  included  in  the  main  stem,  are  valued  by  the 
State  Board  of  Assessors  for  the  purpose  of  assessment,  in 
1910,  at  $28,098,933.  The  terminal  lands  used  for  railroad 
purposes,  exclusive  of  main  stem,  in  Hoboken  City,  are  valued  at 
$2,838,124  in  1910,  making1  a  total  of  $31,937,057  for  Jersey 
City  and  Hoboken  City,  or  more  than  10.7  per  cent,  of  the  total 
value  of  all  the  railroad  property  used  for  railroad  purposes  in 
the  State  of  New  Jersey,  including  the  rolling  stock  and  equip- 
ment. 

LANDS  ACQUIRED  LONG  SINCE. 

The  majority  of  these  terminal  lands  were  acquired  at  an 
early  date  and  a  vast  amount  of  material  has  been  required  to 
bring  the  surfaces  of  the  lands  to  the  present  elevation  and 
state.  The  depth  of  water  in  the  Hudson  River  in  front  of 
water- front  lands  is  a  material  factor  in  considering!  the  value  of 
terminal  lands.  The  area  of  fast  land,  its  form  and  general 
dimensions,  location  north  and  south,  and  possibilities  of  pier 
developments,  are  all  important  elements  in  determining  values. 

During  the  discussion  of  the  question  of  land  values  at  a 
session  of  the  State  Board  of  Assessors,  on  July  25th,  1911,  one 


72 

argument  advanced  was  that  cost  of  reproduction  was  the  only 
"yard  stick"  to  use  in  measuring  the  true  value  of  railroad 
lands  and  that,  the  railroad  terminal  lands  on  the  Hudson  River 
from  the  Central  Railroad  of  New  Jersey  Terminal  to  the 
Delaware,  Lackawanna  and  Western  Terminal,  both  inclusive, 
were  of  equal  value,  acre  for  acre. 

This  argument  was  advanced  without  any  precise  knowledge 
of  the  total  acres  in  any  one  of  these  several  terminal  tracts,  nor 
of  how  much  of  the  acreage  was  fast  land,  land  to  the  bulkhead 
line,  or  land  lying  between  the  bulkhead  line  and  the  exterior  line 
for  piers ;  nor  was  the  shape  or  extent  o<f  the  various  plots  con- 
sidered in  the  statement. 


COST  OF  REPRODUCTION  NOT  APPLIED  TO  LAND. 

The  writer  cannot  agree  with  this  opinion  that  cost  of,  repro- 
duction as  applied  to  land  areas — especially  under  the  conditions 
attendant  upon  the  development  of  large  terminal  tracts  on  the 
Hudson  River — is  a  true  measure  of  true  value  under  the  laws 
of  the  State  as  interpreted  by  its  highest  court : 

*  "Values  are  not  necessarily  large  where  the  cost  of 
reproduction  would  be  heavy,  while  values  may  be  great 
where  the  cost  of  reproduction  would  be  relatively 
small." 

The  cost  of  reproduction  as  applied  to  the  improvements 
made  upon  the  land,  the  permanent  way,  bridges,  buildings, 
structures,  etc.,  is  quite  another  matter,  for  the  reason  that  the 
railroad  company  could  have  made  these  same  developments 
elsewhere.  But  the  particular  land  needed  for  the  right  of  way, 
etc.,  was  fixed  by  the  route  or  alignment;  and,  after  the  route 
had  been  determined,  the  particular  land  required  was  fixed  and 
there  was  little,  if  any,  opportunity  for  bargain  and  sale;  and 
the  cost  to  reproduce  a  similar  plot,  in  a  similar  locality,  would, 
in  most  cases — in  villages,  towns  and  cities — be  accompanied  by 
expensive  and  tedious  condemnation  proceedings,  and  would 


*  B.  H.  Meyer,  member  Interstate  Commerce  Commission,  Bulletin  No.  21, 
Department  of  Commerce  and  Labor. 


73 

cost  many  times  the  going  or  market  value  of  the  same  property 
in  the  general  business  of  purchase  and  sale. 

Attention  is  again  directed  to  the  latest  utterances  of  our 
highest  court.  Mr.  Justice  Garrison  says : 

"The  State  Board  of  Assessors  is  required  to  value 
such  property  at  the  value  it  has  in  exchange  for  money 
as  shown  by  the  testimony." 

Mr.  Justice  Brewer  says: 

"Now  it  is  a  cardinal  rule,  which  should  never  be  for- 
gotten, that  whatever  property  is  worth  for  the  purpose 
of  income  and  sale  it  is  also  worth  for  the  purposes  of 
taxation." 

Assuming,  for  the  moment,  that  cost  of  reproduction  should 
be  the  yard  stick  for  measuring  the  value  of  lands  for  railroad 
use,  is  it  still  true  that  the  values  of  the  various  terminals  on 
the  Hudson  River  are  the  same,  acre  for  acre? 

This  seems  illogical,  for  it  is  manifest  that  we  could  not  pur- 
chase a  plot  of  ground  equal  in  area  and  general  dimensions  to  the 
Delaware,  Lackawanna  and  Western  land,  having  its  center  at 
Exchange  Place,  Jersey  City,  for  a  sum  less  than  many  times  the 
cost  to  produce  it  near  its  actual  location.  But  there  is  no 
reason  to  assume  that,  for  railroad  purposes,  at  least,  the  land 
comprised  within  the  boundaries  of  the  terminals  of  the  Dela- 
ware, Lackawanna  and  Western  Railroad  in  Hoboken  and  Jersey 
City  is  not  quite  as  valuable  for  its  purpose  as  if  it  were  further 
down  the  shore.  At  least,  it  may  be  truly  said,  without  probable 
contradiction,  that  the  value  of  the  plot  if  produced  near  Ex- 
change Place  would  not  be  augmented  to  the  extent  of  the 
actual  increased  cost  to  produce  it  there. 

The  cost  to  produce  the  plot  occupied  by  the  Delaware,  Lacka- 
wanna and  Western  Railroad  terminals  was  probably  augmented 
by  the  need,  on  the  part  of  the  railroad,  of  a  large  tract;  and 
it  is  not  at  all  certain  that  the  naked  land  comprised  in  this  area 
would  find  a  purchaser,  if  put  upon  the  market  in  its  entirety, 
at  a  price  equal  to  the  original  cost  to  acquire  and  grade  to  its 
present  surface. 

As  we  have  stated  elsewhere,  the  value  of  a  railroad  as  such 
is  in  its  continuity;  and,  while  it  may  be  held  that  land  outside 


74 

of  main  stem  is  not  an  essential  part  of  the  main  running  route, 
it  is  essential  to  the  whole ;  and,  indeed,  the  business  of  a  rail- 
road could  not  be  conducted  without  these  terminal  lands. 

The  terminals  of  a  railroad  are  a  burden  upon  the  whole 
system.  The  Pennsylvania  Railroad  Company  charge  the  Penn- 
sylvania System  with  ten  million  doilars  of  the  cost  of  the  New 
York  terminals,  although  the  latter  company  does  not  come  nearer 
than  500  miles  to  New  York. 

The  New  York  terminals  of  the  New  York  Central  and  Hud- 
son River  Railroad  are  such  a  burden  on  that  company  that  a 
plan  is  now  forming  to  consolidate  all  the  lines  constituting  the 
New  York  Central  System  into  one  company,  with  one  general 
mortgage  and  a  new  issue  of  bonds  and  stocks,  for  the  reason 
that  the  terminal  charges  are  too  heavy  for  the  New  York  Cen- 
tral and  Hudson  River  Railroad  Company  to  bear  alone. 

The  terminal  lands  cannot  be  listed  among  the  assets  of  a  rail- 
road company  as  a  separate  item.  There  is  practically  no  price 
that  could  be  put  upon  them  if  it  were  expected  that  the  railroad 
company  owning  and  using  same  was  to  continue  business ;  and, 
yet,  this  necessity  should  not,  I  think,  be  made  the  measure  of 
their  value. 

Commissioner  Maltbie,  speaking  for  the  Public  Service  Com- 
mission of  New  York,  First  District,  which  had  before  it  the 
determination  of  the  value  of  the  property  of  the  Queens  Bor- 
ough Gas  and  Electric  Company,  summarized  the  estimate  of 
the  value  of  the  gas  and  electric  properties  by  determining  the 
cost  of  production  of  same  other  than  land.  From  this  amount 
he  deducted  depreciation ;  and,  to  the  sum  so  obtained,  added  the 
present  value  of  the  land.  He  thus  determined  the  value  of  the 
whole  plant — not  by  taking  the  cost  of  reproduction  of  the  whole 
plant — but,  by  assuming  the  buildings  and  structures  at  present 
cost  to<  reproduce,  he  allowed  a  reasonable  depreciation,  and  then, 
to  this  sum,  added  the  present  value  of  the  land.  The  fair  value 
of  the  land  was  fixed  below  what  the  "highest  estimate  a  real 
estate  broker  thinks  might  be  obtained  for  the  land  itself ;  "for 
if  the  land  is  appraised  on  this  basis  and  the  buildings  on  a  use- 
value  basis,  instead  of  a  scrap-value  basis,  there  would  be  dupli- 
cation and  inconsistency."  Land  differs  from  most  property  in 


75 

that  it  generally  appreciates  in  value,  and  the  question  has  been 
frequently  raised — whether  land  should  be  included  in  true  value 
in  rate  cases  at  its  original  cost  or  at  its  estimated  value  at  the 
time  the  rate  is  fixed. 


MULTIPLE  FOR  LAN|D  VALUES. 

The  use  of  a  multiple  to  determine  the  cost  of  reproduction 
of  land  owned  by  railroad  companies  and  necessary  for  the 
permanent  way,  we  think,  quite  proper  if  we  are  directly  and 
specifically  required  to  determine  the  cost  of  reproducing  the 
land ;  for,  in  many  instances,  the  acquisition  of  a  certain,  definite 
piece  of  land  necessary  for  the  construction  of  a  line  of  railroad 
requires  the  expenditure  of  many  times  the  g'oing  price  of  the 
contiguous  land.  The  large  value  of  the  tidewater  terminal 
lands  has  been  due  to  the  growth  of  the  community,  and  not 
necessarily  on  account  of  force  purchase  for  the  imperative 
needs  of  the  railroads.  This  increased  value  is,  therefore,  in 
the  nature  of  an  increased  increment. 

Mr.  Justice  Peckham  says,  in  his  opinion  o<f  the  case,  Wilcox 
vs.  Consolidated  Gas  Company,  212  U.  $.,  decided  Jan.  4,  1909: 
"If  the  property,  which  legally  enters  into  the  consider- 
ation of  the  question  of  rates,  has  increased  in  value  since 
it  was  acquired,  the  company  is  entitled  to  the  benefit  of 
such  increase. 

"This  is,  at  any  rate,  the  general  rule.  We  do  not  say 
there  may  not  possibly  be  an  exception  to  it,  where  the 
property  may  have  increased  so  enormously  in  value  as 
to  render  a  rate  permitting  a  reasonable  return  upon  such 
increased  valuation  as  to  render  a  rate  unjust  to  the 
public." 

The  tidewater  terminal  lands  have  been  acquired  gradually  as 
the  growth  of  the  community  and  the  increased  business  of  the 
railroads  made  necessary,  and  any  increment  in  value  should 
properly  be  accredited  for  the  same  reason  that  depreciation  of 
buildings,  structures  and  equipment  is  a  charge  against  operation. 
A  new  railroad  seeking  a  large  tide  water  terminal  in  Jersey 


76 

City  or  Hoboken  would  likely  be  required  to  pay  a  much  larger 
sum  than  the  present  terminal  lands  have  cost,  plus  the  increment 
in  value  of  such  lands.  This  large  increased  cost  would  be  in 
the  nature  of  forced  purchase  and  abuttal  damages.  The  true 
value  of  the  land  so  acquired  could  not  be  determined  by  such 
forced  purchase  and  payment  for  abuttal  damages ;  nor  would 
the  value  of  the  railroad  acquiring  such  terminals  under  such 
conditions  be  enhanced  by  the  measure  of  such  increased  cost,  as 
it  would  be  in  competition  with  the  existing  railroads  which  had 
acquired  terminals  at  a  much  lower  cost.  No  addition  to  the  rates 
for  service  could  be  made,  on  account  of  the  added  cost  of  acqui- 
sition, but  instead  the  fixed  charges  would  be  increased  and  the 
net  surplus  decreased;  and  it  is  likely  that  this  additional  cost 
would  be  charged  off  to  pro-fit  and  loss. 

This  is  illustrated  by  the  New  York  Terminal,  exclusive  of  the 
Pennsylvania  Railroad,  to  total  cost  of  which,  to  December  3ist, 
1909,  was  $102,495,530.73.  The  value  as  carried  on  the  books 
of  the  Pennsylvania  Railroad  Company  is  $57,495,530.73,  the 
difference  being  charged  against  the  Surplus  Income,  or  the  profit 
and  loss  account. 

The  opinion  of  Mr.  Justice  Beasley  was  rendered  before  the 
amended  act  of  1888. 


77 

CHAPTER  IX. 

REAL  ESTATE. 

REAL  ESTATE, 

The  term,  "Real  Estate,"  as  used  by  the  Interstate  Commerce 

Commission,  includes  the  following: 

"To  this  account  should  be  charged  the  cost  of  land 
acquired  for  use  directly  in  connection  with  the  opera- 
tion of  the  road,  but  in  excess  of  and  in  addition  to  that 
actually  required  for  roadbed  or  station  or  terminal 
grounds,  including  all  expenses  incurred  in  connection, 
with  such  acquisition  as  enumerated  in  account  No.  2 
'Right  of  Way  and  Station  Grounds.'  " 
Buildings  are  not  classed  under  the  head  of  real  estate,  but 

stand  in  a  class  under  the  title  "Station  Buildings  and  Fixtures," 

account  18,  as  follows: 

"To  this  account  should  be  charged  the  cost  of 
material  and  labor  expended  on  station  buildings,  includ- 
ing cost  of  transportation,  station  signs,  platforms,  side- 
walks, excavations,  foundations,  drainage,  water,  gas 
and  sewer  pipes  and  connections,  steam-heating  appar- 
atus, stoves,  electric  light  and  power  fixtures  including 
wiring  for  same,  grading  and  putting  grounds  in  order 
after  buildings  have  been  finished ;  electric  bells,  elevators, 
and  all  other  material,  furniture,  or  fixtures  used  to  com- 
plete the  buildings;  wells  for  water  supply  O'f  stations 
salaries  and  expenses  o>f  architects ;  also-  cost  of  fences, 
hedges,  turn-stiles,  etc.,  around  station  grounds. 

Note: — "This  account  should  not  include  the  cost  of 

similar  buildings   on   docks,   wharves   and  piers,   which 

should  be  charged  to  account  No.  26,  "Dock  and  Wharf 

Property." 

Under  "General  Office  Buildings  and  Fixtures,"  account  19, 

is  the  following: 


78 

"To  this  account  should  be  charged  the  cost  of  build- 
ings devoted  to  general  office  purposes,  the  cost  of  all 
fixtures  hereto  attached,  and  the  cost  of  furniture  for  the 
equipment  of  such  buildings." 

Note: — "If  the  land  occupied  by  general  office  build- 
ings is  not  a  part  of  the  right  of  way  and  station  grounds, 
its  cost  should  be  charged  to  account  No.  3,  "Real 
Estate." 

SHOP,  ENGINE-HOUSE,  TURNTABLES. 

"To  this  account  should  be  charged  the  cost  of  build- 
ings to  be  used  as  shops  (including  transfer  tables), 
car  sheds,  or  engine-houses  (including  cinder  and  drop 
pits);  turntables;  plants  for  furnishing  power  or  for 
heating  and  lighting  the  buildings ;  platforms,  sidewalks, 
and  outhouses  in  connection  therewith;  the  oilhouses, 
sandhouses,  storehouses  for  company's  material,  scrap 
bins,  appurtenances,  etc.  This  account  should  include 
amounts  paid  for  shops,  engine-houses,  and  turntables 
when  erected  under  contract.  If  built  by  the  company, 
there  should  be  charged  to  this  account  cost  of  labor 
and  material;  preparing  grounds  before  and  clearing  ctp 
same  after  construction;  foundations;  painting;  excava- 
tion for  and  lining  of  turntable  pits,  and  of  cinder  or 
drop  pits  inside  or  outside  of  engine-houses ;  foundations 
for  turntables ;  loading,  unloading,  and  placing  turntables 
in  position;  levers,  tractors,  and  stops  for  handling  turn- 
tables, sewerage  systems;  connections  with  water-supply 
system,  shop  wells ;  architects'  fees  for  drawing  plans  and 
supervision  of  construction;  fences  and  hedges  on  and 
around  shop  grounds;  and  transportation  and  incidental 
expenditures.  To  this  account  should  be  charged  the  cost 
of  tracks  laid  on  transfer  tables  and  turntables  and  those 
leading  therefrom  into  shops  and  engine-houses ;  also  the 
cost  of  all  tracks  laid  in  any  of  the  buildings  above 
described." 


79 

ELECTRIC  POWER  PLANT. 

The  Interstate  Commerce  Commission  makes  a  plain  distinc- 
tion between  machinery  which  is  in  an  "Electric  Power  Plant" 
used  to  generate  power  to  move  traffic  on  an  electric  line,  and 
machinery  which  is  used  to  develop  power  to  operate  machinery 
in  a  shop  or  engine-house.  We  cannot  follow  the  Interstate 
Commerce  Commission  classification  as  a  guide  to  determine  as 
between  Real  Estate  and  Personal  Property,  as  their  classifica- 
tion is  not  intended  to  draw  this  line  sharply,  but  in  a  general 
way  only  for  accounting  purposes. 

MACHINERY  PERSONAL  PROPERTY. 

It  is  apparent  that  machinery  does  not  change  from  personal 
property  to  real  estate  by  reason  of  its  location  so-  long  as  it  is 
not  part  of  a  building. 

Therefore,  if  a,  stationary  engine,  which  is  classified  under 
"Machinery,"  in  Section  21,  is  removed  to  a  power  plant  for 
generating  power  for  operating  cars  electrically,  it  still  remains 
personal  property. 

CLASSIFICATION  OF  REAL  ESTATE. 

Real  estate  has  been  classified  in  this  report  under  the  follow- 
ing headings : 

1.  Ash-handling  machinery.  15.  Crossing  gates. 

2.  Aerial  Tramways.  16.  Culverts. 

3.  Ballast.  17.  Cupolas. 

4.  Boilers.  18.  Dams. 

5.  Bridges.  19.  Docks. 

6.  Buildings.  20.  Electric   wiring. 

7.  Cables.  21.  Elevators. 

8.  Canals.  22.  Fencing. 

9.  Cattle  guards.  23.  Fixed  cranes. 

10.  Chimneys.  24.  Foundations. 

11.  Cisterns.  25.  Gas  piping  and  fixtures. 

12.  Conduits.  26.  Grain    elevators. 

13.  Coal-handling  stations.  27.  Heating  apparatus. 

14.  Conveyors.  28.  Hydrants. 


8o 


29.  Incline  machinery,  canal,  52. 

30.  Interlocking.  53. 

31.  Lands  used  for  railroad  purposes.       54. 

32.  Lighting  apparatus.  55. 

33.  Lock-operating    machinery.  56. 

34.  Oiling   systems.  57. 

35.  Piers.  58. 

36.  Pipe   lines.  59. 

37.  Pavement.  60. 

38.  Planking  or  guard  rails.  61. 

39.  Reservoirs.  62. 

40.  Riparian  rights.  63. 

41.  Road-bed.  64. 

42.  Road   crossing.  65. 

43.  Sanitary  apparatus.  66. 

44.  Sewers.  67. 

45.  Shafting.  68. 

46.  Shop  fixtures.  69. 

47.  Shop  tracks.  70. 

48.  Signs.  71. 

49.  Signal    apparatus.  72. 

50.  Smoke  stacks.  73. 

51.  Storage    warehouse    and    miscel-       74. 

laneous    structures.  7q. 


Structures. 
Switchboards. 
Tanks. 

Telegraph  and  telephone  lines. 
Tile  drain  lines. 
Tracks. 

Track  appurtenances  in  place. 
'Track  scales. 
Tramways. 
Transfer  tables. 
Traveling  cranes. 
Trestles. 
Tunnels. 
Turn  tables. 
Viaducts. 
Water  lines. 
Water-purifying   plants. 
Water  stations. 
Water  tanks. 
Water-ways. 
Water  works. 
Wells. 
Wharves. 
Windmills. 


All  structural  apparatus  of  a  fixed  character  not  enumerated 
in  the  foregoing  list  are  to  be  classified  as  "Real  Estate." 


DEVICE. 

We  use  the  term  "Structural  Apparatus"  to  distinguish  the 
structure  which  is  involved  with  machinery  (sometimes  called 
"Fixed  Machinery") — such  as  coal  and  ash-handling  devices, 
conveyors,  switchboards  and  the  like,  from  engines,  lathes, 
drills,  shapers,  turrets,  etc.,  which  are  used  to  furnish  power 
and  to  assist  in  constructing  some  other  tool  machine  or  device. 


8i 

CHAPTER  X. 

TANGIBLE  PERSONAL  PROPERTY. 

TAX  LAW. 

The  Tax  Law  of  New  Jersey  specifically  declares  that  all  ma- 
chinery is  personal  property  and  says,  under  Section  III.,  article  3  : 
"The  term  'tangible  personal  property'  shall  be  held  to 
include  the  rolling  stock,  cars,  locomotives,  ferry  boats,  all 
machinery,  tools,  other  'tangible  personal*  property  of  any 
railroad  company,  and  the  floating,  movable  and  other 
'tangible  personal  property'  of  any  canal  company." 
The  law  seems  to  remove  any  doubt  as  to  whether  machinery 
is  to  be  classified  as  personal  property  or  as  real  estate;  and, 
as  the  determination  of  machinery  has  always  been  a  vexatious 
question,  and  the  cause  of  many  legal  contests,  it  would  seem  that 
it  was  the  intent  of  the  Legislature  to  define  the  status  of  ma- 
chinery beyond  doubt  in  order  that  the  purpose  of  the  law  would 
be  undisputable. 

WHAT  IS  MACHINERY? 

The  decision  of  the  courts  as  to  what  constitutes  personal 
property  is  so  confusing  that,  without  this  clear  definition  as 
set  forth  in  the  tax  law  of  the  State,  there  might  be  consid- 
erable doubt  as  to  how  to  classify  machinery  and  machine  tools. 
The  Interstate  Commerce  Commission  provides  for  the  classifi- 
cation of  shop  machinery  and  machine  tools,  under  Section  21 
of  the  "First  Revised  Issue  of  Classification  o<f  Expenditures  for 
Road  Equipment,"  dated  1909,  which  reads  as  follows: 

SHOP   MACHINERY  AND  TOOLS. 

"To  this  account  should  be  charged  the  cost  of  ma- 
chinery and  tools  placed  in  shops  or  engine-houses,  in- 
cluding foundations  therefor ;  cost  of  transportation,  load- 

6   K   S 


82 

ing,  unloading,  and  placing  machinery  in  position.  This 
account  includes  the  cost  of  stationary  engines  and  boiler^, 
motors,  compressors,  ash  conveyors,  shafting,  belting, 
cranes,  stationary  and  portable  forges,  lifting  magnets, 
hydraulic,  pneumatic,  and  electric  tools  and  machines,  and 
all  other  machinery  and  tools,  in  shops  and  engine-houses, 
including  the  small  hand  tools  necessary  first  to  equip 
a  shop." 

MACHINES  AND  THEIR  FOUNDATIONS. 

It  will  be  observed  that,  under  the  title  "Machinery,"  is  in- 
cluded the  cost  of  all  machinery  and  tools  placed  in  shops  or  en- 
gine-houses, including  foundations  therefor,  etc.,  *  *  *  the 
engines  and  boilers,"  etc.  Since  boilers  and  foundations  are  not 
generally  classified  under  the  title  "Machinery,"  we  have  in- 
cluded these  items  in  the  classification  of  real  estate;  and,  while 
all  devices  might  be  properly  termed  "Machinery,"  we  have  class- 
ified such  items  as  boilers,  coal-handling  machinery,  conveyors, 
elevators,  canal-incline  machinery,  interlocking,  lock-operating 
machinery,  shafting,  signal  apparatus,  track  scales,  transfer 
tables,  traveling  cranes,  turntables  and  the  like,  under  the  title 
"Real  Estate."' 

All  other  machinery  and  tools,  together  with  all  locomotives, 
steam  and  electric ;  passenger  and  freight-train  cars :  working 
equipment  and  floating  equipment:  and  all  supplies,  of  every  kind 
whatsoever,  are  to  be  included  in  "Tangible  Personal  Property." 

In  order  that  there  may  be  no  question  as  to  the  various  classes 
of  equipment  included,  we  ennumerate  the  classification  as  fol- 
lows : 

PASSENGER  CARS. 

In  this  account  (passenger-train  cars)  is  included  the  value 
of  passenger-train  cars  of  all  classes,  including  all  appurtenances, 
furniture  and  fixtures  necessary  to  equip  them  for  service,  in- 
cluding cost  of  transportation. 

The  following  cars  are  classified  as  "Passenger-Train  Cars"  : 


Air-brake  instruction, 

Bag-gage, 

Baggage — express, 

Baggage — mail, 

Baggage — mail,  express, 

Buffet, 

Business, 

Cafe, 

Chair, 

Colonist, 

Combination — passenger    and 

baggage, 
Dining, 
Emigrant, 
Express, 


Library, 

Mail, 

Milk. 

Observation, 

Officers, 

Parlor, 

Parlor — baggage, 

Passenger, 

Passenger — baggage — mail, 

Pay, 

Postal, 

Refrigerator — express, 

Smoking, 

Street, 

Tourist. 


FREIGHT-TRAIN  CARS. 

Under  "Freight-Train  Cars"  is  included  the  value  of  freight- 
train  cars  of  all  classes,  including  all  appurtenances,  furniture 
and  fixtures  necessary  to  equip  them  for  service,  including  cost 
of  transportation. 

The  following  cars  are  classified  as  "Freight-Train  Cars" : 


Beer, 

Box, 

Cabin, 

Caboose, 

Charcoal, 

Coal, 

Coke, 

Dump    (commercial,    coal   or 

stone), 
Flat, 
Fruit, 
Furniture, 
Gondola, 

Gondola — hopper, 
Gondola — long, 


Gun  trucks, 
Hay, 
Lime, 
Logging, 
Oil  tank, 
Ore, 

Platform, 
Poling, 
Poultry, 
Produce, 
Rack. 

Refrigerator, 
Stock, 

Tank  and  water   (when  used 
as  commercial  cars). 


WORK  EQUIPMENT. 


In  this  account  is  included  the  value  of  all  work  equipment,  all 
appurtenances,  furniture  and  fixtures  necessary;  also,  cost  of 
transportation. 

The  following  equipment  is  classified  as  "Work  Equipment"  : 


Ballast, 

Ballast — unloader  cars, 
Boarding, 
Bridge, 
Camp, 
Cinder, 

Concrete  mixer, 
Derrick, 
Dirt  spreader, 
Ditching, 
Dump, 

Dynamometer, 
Grading, 
Gravel, 
Indicator 

Locomotive  tanks   (used  per- 
manently as  water  car), 
Outfit, 
Painters, 
Pile  drivers, 


Rail  saw, 

Salt, 

Sanding, 

Scale  test, 

Snow  dozer, 

Snow  drags, 

Snow  plows  (not  attached  to 

locomotives  but  moved  by 

them), 
Sprinkling, 
Steam  shovels, 
Steam-wrecking  derricks. 
Supply, 
Sweeper, 
Tool, 

Tool  and  block, 
Water, 

Weed  burner, 
Wrecking. 


FLOATING  EQUIPMENT. 

This  account  includes  the  value  charged  to  the  cost  of  marine 
or  floating  equipment  of  all  kinds,  deluding  all  appurtenances, 
furniture  and  fixtures  necessary  to  equip  same  for  service,  in- 
cluding cost  of  transportation. 

The  following  equipment  is  classified  under  "Floating  Equip- 
ment" : 


85 

Barges,  Power  lighters, 

Canal  boats,  Scows, 

Car  and  other  floats,  Steamboats, 

Dredges,  Steamships, 

Ferry  boats,  Transfer  boats, 

Lighters,  Tugboats, 
Power  launches, 

ADDITIONAL   PERSONAL   PROPERTY. 

In  addition  to  the  personal  property  hereinbefore  enumerated 
is  included  such  equipment  as  steam  and  electric  locomotives  and 
all  materials  and  supplies  of  every  character  whatsoever  pos- 
sessed by  the  railroad  companies  and  located  in  New  Jersey. 


INTANGIBLE  PERSONAL  PROPERTY. 

Intangible  personal  property  is  represented  by  the  stocks, 
bonds,  notes  and  the  like,  the  value  of  which  is  included  in  the 
formula  for  the  determination  of  the  value  of  franchise. 


CHAPTER  XL 

NOTABLE  CASES  OF  EXCEPTIONABLE  CONDITIONS. 

THE  LACKAWANNA  RAILROAD  OF  NEW  JERSEY. 

The  Lacka wanna  Railroad  of  New  Jersey  presents  the  finest 
type  of  railway  construction.  Its  twenty-eight  miles  of  length 
make  one  continuous  monument  to  the  engineer  who  has  engraved 
the  name  "Lackawanna"  in  Intaglio  and  Relievo  on  the  face  of 
the  rugged  hills  of  Warren  county. 

Traffic  has  not  yet  vivified  the  masses  of  earth,  rock  and  con- 
crete. It  is  now  simply  a  roadbed  lying  across  the  country,  lifting 
its  level  fully  one  hundred  and  twenty-five  feet  above  the  valley 
in  places  or  cutting  deep  into  the  rock  of  the  hills. 

Measured  by  bulk  of  quantities,  it  overtops  by  hundreds  of 
thousands  of  yards  any  railroad  bed  of  equal  length  yet  con- 
structed ;  and,  in  one  stretch  of  three  miles,  the  earth  of  the 
adjacent  valley  has  been  piled  in  a  prism  averaging  eighty  feet 
high,  with  an  extreme  height  of  one  hundred  and  twenty  feet, 
supported  on  a  base  over  four  hundred  feet  in  extreme  width. 
River  and  valleys  are  spanned  by  colossal  concrete  arches  reach- 
ing to  one  hundred  feet  in  span,  upon  which  are  grouped  minor 
arches  reaching  tx>  the  level  of  the  roadbed.  From  the  parapet 
of  the  highest  bridge  to  the  surface  of  the  land  is  fully  one 
hundred  and  twenty  feet.  There  are  no  crossings  of  highways 
at  grade,  all  being  carried  over  the  road,  which  lies  in  excava- 
tion by  graceful  concrete  arches,  or  carried  under  and  through 
the  embankment  by  concrete  passages.  The  signal  cabins  are 
of  concrete,  fashioned  to  please  the  sense  of  beauty,  in  which  the 
architect  has  been  unqualifiedly  successful. 

The  water-station  tanks  or  standpipes  are  the  only  steel  struc- 
tures in  evidence;  nor  is  there  any  wooden  element,  excepting 
the  ties,  for  even  the  fence  posts  are  of  concrete.  The  track 
is  of  loi-pound  steel  to  the  yard,  secured  to  the  tie  plates  and 
ties  by  screw  "spikes,"  the  latest  practice.  The  traffic  will  be 
protected  and  controlled  by  automatic  block  signals. 


The  purpose  of  this  "Lackawanna  Cut-off"  is,  as  the  title 
implies,  to  save  distance  and  grades,  the  distance  saved  being 
eleven  miles  in  thirty-nine  miles.  The  saving  in  operating  ex- 
pense by  reason  of  the  lifting  of  hundreds  of  thousands  of  tons 
hundreds  of  feet  in  elevation,  plus  the  elimination  of  eleven 
miles  of  travel,  will  probably  be  sufficient  to  pay  an  interest 
charge  on  double  the  amount  expended  in  this  gigantic  work, 
which  has  required  three  years  to  complete. 

The  question  naturally  arises  as  to  the  "true  value,"  for  the 
purpose  of  assessment  for  taxation,  of  this  mass  of  construction. 
Many  hundreds  of  acres  of  land  have  been  taken  from  outside 
the  normal  right  of  way  to  supply  the  millions  of  yards  which, 
in  the  three-mile  embankment  before  referred  to,  exceeds  six 
million  cubic  yards. 

It  is  obvious  that  the  net  earnings,  by  reason  of  the  saving 
in  distance  and  lessening  of  grades,  would  be  greater  by  the  exact 
amount  of  the  difference  in  interest  charge  and  maintenance  ex- 
pense attendant  upon  a  similar  line  in  an  easier  territory,  pre- 
ferably a  uniform  plane.  How,  then,  can  it  be  rightly  held  that 
the  value  bears  any  relation  to  the  cost  of  construction,  or  vice 
versa,  since  a  less  costly  line  having  the  same  location  and  grades 
would  require  a  smaller  interest  chargie  and  less  cost  for  main- 
tenance ? 

This  "cut-off"  is  a  cyclopean  machine  made  necessary  for  the 
economic  conduct  of  the  ever-increasing  business  of  the  Dela- 
ware, Lackawanna  and  Western  Railroad.  By  this  machine,  in- 
creased net  surplus  will  be  forged  from  the  gross  income,  in 
the  same  manner  as  the  colossal  hydraulic  press  fashions  the 
armor  plate.  There  is  nothing  but  scrap  value  in  the  hydraulic 
press,  unless  there  is  a  necessity  for  its  use.  The  fabricator 
would,  naturally,  prefer  to  avoid  the  outlay  of  capital  for  this 
press,  or  tool,  if  he  could,  without  this  tool,  perform  the  same 
work  as  is  being  done  by  his  competitor. 

The  original  location  o>f  the  Delaware,  Lackawanna  and  West- 
ern Railroad  between  the  termini  of  this  "cut-off"  was  simply  the 
temporary  path  to  greatness,  to  be  used  only  until  the  traffic 
warranted  the  construction  of  the  more  costly  highway,  which 
when  completed  and  used  for  both  the  freight  and  passenger 


through  traffic,  will  depreciate  the  present  "true  value"  of  the 
old,  and  longer,  route  now  operated  between  these  termini. 

When  this  "cut-off"  is  brought  into  operating  use,  the  net 
surplus  due  to  the  operation  of  the  line  between  these  termini 
will  be  increased  notwithstanding  the  increase  in  fixed  charges 
due  to  the  interest  on  this  large  investment.  If  this  expected 
increase  in  net  surplus  did  not  admit  of  satisfactory  demonstra- 
tion, it  is  not  likely  that  the  work  would  have  been  undertaken. 

The  use  and  occupancy  value  of  this  "cut-off"  is  not  only 
demonstrated  by  the  interest  charge  during  construction  but 
by  the  eagerness,  on  the  part  of  the  Delaware,  Lackawanna 
and  Western  Railroad,  to  gain  the  advantage  of  its  use  by  open- 
ing it  to  traffic  for  both  passenger  and  freight  business  as  soon  as 
the  last  block  signal  is  in  place — and  December  24th,  1911,  has 
been  appointed  for  the  beginning  of  traffic  over  this  "cut-off." 

It  is  evident,  then,  that  the  management  believe  that  the  saving 
in  operation  of  passenger  traffic  warrants  them  in  opening  the 
line  to  both  passenger  and  freight  at  the  same  time ;  otherwise, 
the  efficiency,  stability  and  safety  of  operating  a  new  work 
would  be  tested  by  operating  the  freight  traffic  only  for  a  period 
of  time. 

During  construction,  the  county  and  State  are  obligated  to 
furnish  protection  to  the  company  constructing;  and,  while  there 
has  been  no  occasion  to  call  for  protection,  this  protection  was 
at  all  times  ready;  and,  in  addition,  the  corporation  was  given 
the  right  to  take  and  use  such  land  as  the  construction  required. 

The  "true  value"  of  an  incomplete  structure  cannot  DC 
measured  by  the  same  templet  as  used  for  determining  the  value 
of  the  finished  work,  operated  as  a  railroad.  The  estimated 
cost  of  construction  must  have  included  a  sum  for  payment  or 
taxes,  just  as  it  must  provide  for  the  payment  of  interest  during 
the  time  of  construction,  for  taxes  and  interest  are  both  neces- 
sary, and  inevitable  charges  which  are  always  attendant  upon 
construction. 

The  method  of  determining  the  value  of  the  intangible  or 
non-physical  elements  comprised  under  Subdivision  IV.,  of  Sec- 
tion 3,  of  the  Amended  Railroad  Tax  Act  of  1888,  as  herein- 
before set  forth,  provides  that  the  value  of  the  non-physical 


89 

elements  is  dependent  upon  the  net  surplus ;  and  this  net  surplus 
is  determined  by  deducting  the  cost  o<f  maintenance,  the  taxes 
and  the  interest  on  the  normal  value  of  the  land,  plus  the  cost  of 
producing  the  roadbed,  structures  and  equipment,  trom  the 
gross  income  from  rail  operation.  By  this  method,  the  railway 
company  is  credited  with  five  and  one-half  per  cent,  on  the 
investment  cost.  Therefore,  as  the  cost  of  construction  increases 
the  value  of  Subdivision  IV.  decreases.  In  the  case  of  the  "cut- 
off" :  Assuming  the  cost  to  be  nine  million  dollars  and  the  net 
earnings  from  operation  nine  hundred  thousand  dollars,  the 
value  of  Subdivision  would  be  determined  as  follows : 


Interest  on  $9,000,000,  @  5-5%,   $495,000 

Taxes  on  $9,000,000,  @  1.896,   170,640 


Total  deductions  from  income,  $665,640 

Corporate  income,   900,000 


Net  surplus,  ............................................  $234,360 

Net  surplus  capitalized  at  6%  plus  the  rate  of  1.896=7.896. 

Net  surplus  ($234,360)  capitalized  at  7.896%,  ..................  $2,968.085 

Value  of  physical  elements,   ...................................  9,000,000 


Total  value,   ............................................     $11,968.085 

If  this  "cut-off"  could  have  been  constructed  at  $1,000,000, 
the  physical  value  would  be  decreased  by  $8,000,000  and  the 
non-physical  value  increased,  for  the  manifest  reason  that  a 
greater  net  surplus  would  be  developed. 

The  determination  of  value  for  the  purpose  of  taxation  is 
illustrated  as  follows  : 

• 

Interest  on  $1,000,000  @  5.5%,    ...............................  $55,ooo 

Taxes  on  $1,000,000  @  1.896,  ..................................  18,960 


Total  deductions  from  income,  $73,96o 

Corporate  income,    900,000 


Net   surplus,   ,          $826,040 


Net  surplus  capitalized  at  7.896  gives : 

Value  of  Subdivision  IV,   $10,461,499 

Value  of  physical  elements,   1,000,000 


Total  value,   $11,461.499 

It  will  be  seen  that  the  total  value  for  assessment,  as  shown 
in  the  last  example,  using  1,000,000  as  the  basis,  gives  a  lower 
sum  by  $506,586  than  the  first  example,  using  the  investment 
value  of  $9,000,000  as  the  basis;  and  it  may,  we  think,  be 
properly  contended  that,  from  the  point  of  view  of  the  investor, 
the  "cut-off"  costing  $1,000,000  is  the  more  valuable. 

It  must  be  borne  in  mind  that  the  intangible  element  is  open 
to  fluctuations  and  we  think  that,  in  the  proportion  that  the 
net  surplus  is  increased  by  the  reduction  of  fixed  charges  due  to 
interest  on  the  investment,  the  total  value  for  the  purpose  oi 
taxation  should  decrease. 

In  this  connection,  it  is  important  to  note  that  the  addition  of 
the  average  tax  rate  of  1.896  per  cent  to  the  basic  rate  of  6 
per  cent,  is  an  important  factor  in  the  problem. 

In  the  first  instance,  the  net  surplus  is  234,360,  which,  if 
capitalized  at  the  basic  rate  of  6  per  cent.,  yields  a  value  of  $3, 
906,000;  which,  added  to  the  investment  of  $9,000,000,  in  the 
construction  of  the  "cut-off,"  makes  a  total  of  $12,906,000.  In 
the  second  case,  the  net  surplus  is  $826,040,  which,  capitalized 
at  6  per  cent.,  yields  $13,767,333,  and,  added  to  the  investment 
of  $1,000,000,  makes  a  total  of  $14,767,333. 

The  importance  of  adding1  the  tax  rate  to  the  basic  rate  is  thus 
illustrated,  as  any  increase  in  the  tax  thus  reduces  the  amount  of 
Subdivision  IV. 

The  increase  in  economy  of  operation  of  this  shorter,  easier 
line  will  be  reflected  through  the  main  line  between  Hoboken  and 
Buffalo,  and  there  will  probably  be  no  accounting  kept  of  the 
rail  operations  of.  this  particular  piece  of  trackage  after  it  has 
been  merged,  as  to  operation,  into  the  main  line.  The  State, 
therefore,  must  consider  the  physical  value  as  the  main  factor 
of  distribution  of  value  to  the  State. 

The  possibility  that  a  "cut-off"  corresponding  to  this  in  short- 
ness of  line,  ease  of  grades  and  permanency  of  construction 


9' 

could  be  built  for  any  sum  less  than  this  "cut-off"  has  actu- 
ally cost  is  entirely  speculative  and  beyond  the  possibilities  of 
reasonable  consideration.  As  a  part  of  the  system  which  will 
operate  over  its  rails,  it  is,  we  think,  a  tool  of  commerce  worth 
what  it  cost,  less  depreciation,  if  there  be  any  due  to  obsolescence 
in  methods  oi  construction. 

It  seems  to  us  that  the  "cut-off"  was  not  a  railroad  on  Janu- 
ary ist,  1911.  The  land  was  taken  and  used  for  railroad  pur- 
poses; but  the  incomplete  roadway  offers  no  opportunity  for 
railroad  use,  i.  e.f  the  carrying  of  traffic  and  the  exaction  of  tolls. 

We,  therefore,  recommend  that  the  assessment  for  taxation  be 
made  on  the  basis  of  one-third  of  the  investment,  or  a  total  of 
$2,310,366  with  a  nominal  value  of  $1,000  for  Subdivision  IV. 


HUDSON  AND  MANHATTAN   RAILROAD. 

In  the  determination  of  the  "true  value"  of  the  Hudson  and 
Manhattan  Railroad,  we  have  first  to  consider  the  depreciation 
on  account  of  decrepitude  and  obsolescence,  as  well  as  the  un- 
usual conditions  attendant  upon  its  construction  and  use. 

There  is  little  loss  of  value  due  to  decrepitude,  excepting  in 
portions  of  the  power  plant  and  other  electrical  equipment.  The 
depreciation  due  to  obsolescence  is  caused  almost  entirely  by  the 
knowledge  gained  in  the  construction  of  the  subacqueous  tunnels 
crossing  the  Hudson  River. 

Our  estimated  value,  new,  of  that  portion  of  the  property 
situated  and  operated  in  New  Jersey  is  $13,508,383.  This  esti- 
mate has  been  depreciated  to  $12,009,724  to  cover  decrepitude 
and  obsolescence, 

We  do  not  think  that  the  present  value  of  the  property  is 
shown  by  this  sum  of  $12,009,724,  for  the  following  reasons: 

This  public  utility  has  been  constructed  for  the  carrying  of 
passengers,  and  is  not  organized  for  the  general  business  of 
transporting  freight  and  passengers.  The  income  of  surface 
railroads  generally  is  largely  derived  from  freight;  and,  in  the 
case  of  the  larger  railroad  systems  in  the  State,  the  bulk  of  the 
business  is  through  freight.  In  the  case  of  the  Central  Railroad 


92 

of  New  Jersey,  only  19.21  per  cent,  of  its  revenue  for  the  last 
fiscal  year  was  earned  from  passengers  carried;  and  the  Dela- 
ware, Lackawanna  and  Western  Railroad  showed  about  the  same 
division  of  earnings. 

Tlje  revenue  of  the  Hudson  and  Manhattan  Railroad  bein^ 
derived  solely  from  local  passenger  Business,  its  full  commercial 
value  cannot  be  determined  until  its  full  normal  capacity  is  used. 

As  a  transportation  machine  it  is  too  costly  for  the  present 
volume  of  business,  measured  by  the  capital  invested  in  it.  It 
may  be  compared  with  a  one  hundred-horsepower  engine  run- 
ning a  forty-three-horsepower  machine. 

It  was  necessary  to  construct  the  tunnels,  power  house  and 
terminals  on  a  scale  in  harmony  with  the  ultimate  capacity 
offered  to  the  public,  but  not  at  present  used  by  it.  The  total 
capacity  planned  provided  for  the  transportation  of  about  two 
hundred  and  twenty  million  passengers. 

For  the  year  ending  December  3ist,  1910,  forty-nine  million 
ninety-one  thousand  six  hundred  and  forty-one  passengers  were 
carried.  For  the  year  ending  June  3Oth,  1911,  fifty-two  million 
seven  hundred  fifty-six  thousand  four  hundred  and  thirty-four 
passengers  were  carried. 

It  will  require  the  carrying  of  about  one  hundred  and  twenty 
million  passengers  to  earn  sufficient  to  pay  fixed  charges  and 
operating  expenses. 

The  surface  railroad  is  generally  constructed  in  such  manner 
as  to  accommodate  the  business  in  sight,  or  likely  to  be  found 
in  the  near  future;  consequently,  the  original  construction  does 
not  require  the  investment  of  a  sum  approximately  equd  to  the 
cost  of  the  ultimate  development;  and,  in  the  case  of  some 
surface  railroads,  the  betterments  and  additions  are  made  from 
earnings. 

It  seems  reasonable  to  consider  the  present  value  of  the  Hudson 
and  Manhattan  Railroad  Company,  for  the  purpose  of  taxation, 
on  the  basis  of  the  proportion  of  its  use  by  the  public.  We  esti- 
mate that,  when  one  hundred  and  twenty  million  passengers  are 
carried,  during  the  fiscal  year,  the  earnings  will  be  sufficient  to 
meet  all  operating  expenses  and  fixed  charges,  at  which  time  the 
assessment  should  be  made  at  the  full  one  hundred  per  cent,  of 


93 

the  value  of  the  cost  of  producing  the  physical  elements  in  the 
condition  found. 

For  the  assessment  of  1911,  we  estimate  that  but  forty-three 
per  cent,  of  the  estimated  present  value  of  the  physical  elements 
should  be  used.  This  does  not  mean  that  the  public  is  now  using 
forty-three  per  cent,  of  the  ultimate  capacity  of  two  hundred 
and  twenty  million,  but  that  they  are  using  forty-three  per  cent, 
of  one  hundred  and  twenty  million;  and  that,  when  one  hundred 
and  twenty  million  passengers  are  carried,  the  full  one  hundred 
per  cent,  on  value  of  physical  elements  should  be  assessed  for 
taxation. 

Our  estimate  of  the  present  cost  of  producing  the  physical 
elements  is  $12,009,724,  and  forty-three  per  cent,  of  this  amount 
is  $5,164,181,  which,  together  with  a  nominal  value  for  Sub- 
division IV.  of  $i,ooo,  makes  a  total  of  $5,165,181,  which  is  the 
amount  recommended  for  the  assessment  of  1911. 


94 


CHAPTER  XIL 

DEPRECIATION  OF  ROLLING  EQUIPMENT  AND 
MACHINERY. 

The  term  "depreciation"  is  not  definitive,  and  there  is,  at  this 
time,  a  great  deal  of  discussion  among  railway  officials  as  to 
what  is  intended  to  be  covered  by  the  term.  Depreciation  may 
be  divided  broadly  under  two  heads :  First,  depreciation  on 
account  of  decrepitude  (the  gradual  wearing  out  or  destruction 
of  the  parts,  or  materials  in  the  parts,  which  cannot  be  renewed) 
and  such  depreciation  continues  until  the  useful  life  is  ended 
and  there  remains  nothing  but  scrap  value.  The  second  broad 
division  of  depreciation  may  be  covered  by  the  term  "obso- 
lescence/' and  this  term  may  be  applied  differently  to  the  vari- 
ous subordinate  parts  of  the  railroad  property. 


OBSOLESCENCE. 

The  demands  of  traffic  call  for  the  highest  efficiency  in  motive 
power  equipment  and  roadbed  and,  frequently,  the  design  of 
the  locomotive  is  so  materially  changed  as  to  affect  the  design 
of  the  bridge,  turntable,  engine-house,  machine  shop,  and  the 
like;  so  that  depreciation  due  to  obsolescence  of  a  main  factor 
in  transportation  may  affect  all  factors  which  of  themselves  have 
not  been  directly  affected  by  obsolescence.  For  instance :  The 
engine-house,  turntables,  scales,  and  the  like,  the  use  of  which 
is  considered  good  practice  on  our  important  trunk  lines,  will 
have  to  be  abandoned  if  the  contemplated  plans  for  change  in 
design  of  motive  power  are  carried  out;  and  this  change  in 
design  seems  necessary  in  order  to  increase  the  train  load,  reduce 
the  cost  per  train  mile,  and  assist  in  counteracting  the  increased 
cost  of  operation  due  to  advance  in  price  of  materials  and  labor. 


95 

INTERSTATE  COMMERCE  COMMISSION  INSTRUCTION b. 

The  Interstate  Commerce  Commission  has  instructed  the  rail- 
roads to  provide  a  depreciation  account  for  the  equipment  ol 
their  roads ;  and  these  instructions  provide,  generally,  that  a 
monthly  charge  should  be  computed  at  a  certain  rate  per  cent, 
on  the  original  cost  (estimated  if  not  known),  record  value 
and  purchase  price  of  such  equipment.  Charges  should  be 
made  to  this  account  during  the  life  of  the  equipment,  except  in 
cases  where  same  attains  a  greater  than  normal  life;  in  which 
cases  charges  should  cease  when  the  difference  between  tne 
original  cost,  the  record  value  or  the  purchase  price  and  the 
estimated  scrap  value  shall  be  charged  to  this  account.  No 
instructions  are  furnished  for  determining  the  rate  per  cent. ; 
and,  since  this  must  necessarily  vary  in  each  case,  according  to 
use  and  up-keep,  it  does  not  seem  reasonable  to  suppose  that  any 
fixed  percentage  can  be  used  for  determining  the  depreciation 
of  each  class  of  equipment.  The  depreciation  required  by  the 
Interstate  Commerce  Commission  is  not  for  the  purpose  of  de- 
termining value;  it  is  for  the  purpose  of  providing  a  fund  into 
which  maintenance  can  be  charged. 

DEPRECIATION   SHOULD   NOT   BE   CONFUSED  WITH    MAINTENANCE. 

The  terms  "maintenance"  and  "depreciation"  are  often  con- 
fused, but  it  should  be  apparent  that  depreciation  is  intended 
to  cover  an  intangible  quantity  which  cannot  be  maintained 
either  because  of  its  decrepitude  or  its  obsolescence. 

EFFECT  OF  INVENTION. 

It  is  not  essential  that  a  machine  or  locomotive  be  operated 
and  worn  out  in  order  to  be  depreciated;  for  the  reason  that 
progress  in  invention,  especially  in  this  country,  is  so  rapid  that 
obsolescence  generally  occurs  within  a  short  period,  due  to 
important  changes  in  design;  and,  although  a  high-class 


96 

machine  might  be  kept  in  a  dust-proof  case,  and  not  used,  it 
would  materially  depreciate  within  a  period  of  three  or  four 
years.  If  it  were  an  automatic  tool,  for  a  specific  purpose,  it 
would  be  depreciated  to  a  considerable  amount  immediately  upon 
its  purchase,  because  the  improved  design  of  a  second  machine 
for  the  same  purpose  would,  without  question,  materially 
increase  the  output  and  reduce  the  cost. 


BARGAIN  SALE  VALUE. 

The  electric  locomotives  of  the  Pennsylvania  Railroad  Com- 
pany, operated  by  the  Pennsylvania  Tunnel  and  Terminal  Com- 
pany and  used  to  haul  trains  from  New  York  Station,  at  33d 
street,  through  ^the  tunnel  and  up  to  Harrison,  N.  J.,  on  the 
Pennsylvania  Main  Line,  cannot  be  used  at  any  other  place  in 
the  United  States  except,  perhaps,  within  the  electrical  zone  or 
the  New  York  Central  and  Hudson  River  Railroad — or  at 
Baltimore.  Consequently,  there  is  no  general  bargain  and  sale 
market  for  this  particular  equipment  and  it  is  not  likely  that 
there  will  be  any  market  for  same;  and,  if  we  view  the  present 
value  for  the  purposes  of  taxation  strictly  on  the  bargain  ana 
sale  value,  our  value  will  have  to  be  confined  to  scrap  material ; 
and,  while  the  foregoing  is,  perhaps,  a  more  striking  case  than 
exists  generally  in  the  equipment  of  a  railroad,  it  is  referred  to 
in  this  report  to  direct  attention  to  the  difficulty  of  using  bargain 
and  sale  value  in  the  appraisal  of  the  true  value  of  the  many 
departments  of  railroad  mechanism. 

These  electric  locomotives  cost  practically  $39,000  each  and, 
although  they  may  be,  probably,  in  better  condition  than  when 
they  were  first  put  into  service,  because  they  are  thoroughly  tuned 
and  adjusted,  it  is  not  likely  that  they  could  be  sold  in  any 
market. 

DEATH   OF  CAPITAL. 

It  is  frequently  held  that  depreciation  is  the  death  of  capital 
to  the  amount  of  the  depreciation;  but  it  must  be  remembered 
that,  in  this  death  of  capital,  there  may  have  been  created  an 


97 

asset  very  much  in  excess  of  the  dead  asset.  This  increased 
value  to  the  general  property  may  be  covered  by  good  will, 
franchise,  increment,  etc.  Some  of  our  foremost  railroad  officials 
object  to  the  picking  out  of  one  element  of  a  railroad,  such  as 
equipment,  and  depreciating  it  unless  certain  other  elements  are 
appreciated,  thereby  admitting  that  there  is  a  very  large  element 
of  value  outside  of  the  naked  value  of  the  depreciated  equipment, 
structure  and  other  elements  forming  the  physical  property. 


NEW  EQUIPMENT  GENERALLY  OF  INCREASED  CAPACITY. 

Additions  to  power  and  road  equipment  are  generally  of  larger 
capacity  than  the  last  equipment  purchased,  in  each  particular 
class;  and,  as  such  additional  equipment  of  increased  power  and 
capacity  is  purchased,  the  remaining  equipment  is  depreciated  by 
obsolescence,  even  though  no  depreciation  has  occurred  by  rea-* 
son  of  decrepitude.  In  the  case  of  power,  the  cost  of  maintenance 
increases  with  the  age,  and  it  is  reasonable  to  expect  that  the  cost 
per  mile  run  will  be  very  materially  increased  when  the  life  of 
the  locomotive  is  prolonged  beyond  certain  limits.  For  years 
efforts  have  been  made  by  the  railroad  officials  to  determine 
the  limits  of  economical  use  of  power,  and  as  yet  no  formula  or 
plan  has  been  generally  adopted  for  the  determination  of  the 
useful  life  of  power  or  road  equipment. 


MASTER   CAR  BUILDERS. 

The  Master  Car  Builders'  Association  has  determined  upon 
a  depreciation  curve  for  fixing  the  value  of  cars  destroyed  by  fire, 
and  the  rule  adopted  by  that  association  calls  for  a  value  of  not 
less  than  40  per  cent,  of  the  original  value  of  the  car.  This  rule, 
however,  is  not  intended  to  fix  the  full  depreciation  of  a  car, 
but  rather  to  protect  the  owner  of  a  car  which  has  been  destroyed 
on  a  foreign  road  and  to  insure  that  the  owner  will  receive  at 
least  40  per  cent,  of  the  original  value. 

/    E   S 


98 

CONTINUED  IMPROVEMENTS. 

The  railroads  of  the  United  States  are  compelled  to  continue 
improvements  for  each  particular  part  of  their  motive  power  and 
equipment  which  will,  in  any  degree,  increase  efficiency,  capacity 
and  economy;  and,  for  that  reason*  the  designs  are  constantly 
changing.  In  contrast  to  this  practice,  the  railroads  of  Great 
Britain  do  not  encourage  change.  Mr.  Richard  Price-Williams, 
in  an  article  published  in  the  "Proceedings"  of  the  Institute  of 
Civil  Engineers,  London,  says : 

"The  large  amount  annually  expended  out  of  the  rev- 
enue of  a  railway  company  in  the  maintenance  and  re- 
newal of  particular  parts  of  the  machinery  of  a  large 
number  of  its  locomotives,  in  order  to  maintain  the  whole 
in  a  fit  and  serviceable  condition  for  the  convenience  of 
its  traffic,  of  itself  affords  sufficient  evidence  that  there 
can  be  no  appreciable  depreciation  in  either  condition  or 
value  when  by  this  constant  renewal  of  the  worn-out  work- 
ing parts  of  the  machinery  the  entire  stock  is  maintained 
in  a  serviceable  condition,  and  that  depreciation  can  only 
occur  when  the  working  parts  have  not  been  maintained 
in  a  proper  and  serviceable  condition." 

It  is  apparent,  from  the  foregoing,  that  Mr.  Price- Williams 
does  not  consider  the  question  of  obsolescence  as  a  factor  in  the 
depreciation  of  locomotives  in  Great  Britain ;  whereas,  in  the 
United  States,  it  is  a  very  important  factor. 


FREIGHT-TRAIN  CARS. 

The  value  of  freight-train  cars,  as  a  part  of  the  working  or- 
ganization, it  is  quite  apart  from  their  bargain  and  sale  value, 
and  this  feature  of  value  is  forcibly  expressed  by  the  rulings 
and  divisions  of  the  American  Railway  Association. 

Until  late  years,  it  was  the  practice  to  charge  foreign  roads 
for  the  use  of  cars  on  a  mileage  basis ;  that  is,  so  much  for  each 
mile  of  travel  for  each  car.  Under  this  system;  many  abuses 


99 

arose,  and  neither  the  consignee  nor  the  railway  borrowing  the 
car  was  particularly  active  in  freeing  same  and  returning  it  to 
its  owner.  Cars  would  stand  for  days  and  weeks,  since  the  bor- 
rower's interest  ended  as  soon  as  the  car  ceased  traveling. 

PER  DIEM  FIFTY  CENTS, 

The  dissatisfaction  on  the  part  of  the  leading  roads  resulted 
in  a  per  diem  rate  of  fifty  cents  per  car.  This  seemed  well 
enough  so  long  as  traffic  was  heavy  and  cars  were  in  demand; 
but,  when  the  great  surplus  of  over  400,000  cars  developed,  in 
1908,  and  miles  of  sidings  and  yard  tracks  were  filled  with  thou- 
sands of  idle  cars  and  their  equivalent  locomotives,  then  the 
burden  of  $200,000  per  day  became  so  tremendous  that  every 
borrower  hastened  to  return  every  freight  car  home  to  stop  the 
per  diem  charge.  To  do  this  cost  many  hundreds  of  thousands 
of  dollars.  Many  borrowing  roads  sought  to  cut  the  rate  in 
two;  and,  finally,  on  February  2ist,  1910,  it  was  agreed,  by 
vote  of  the  majority,  that  the  rate  for  the  use  of  freight  cars 
should  be  thirty  cents  per  car  per  day  for  the  five  months  of 
March,  April,  May,  June  and  July  of  each  year  and  thirty-five 
cents  per  day  per  car  for  the  remaining  seven  months. 

VALUE  OF  CAR  FOR  OPERATING. 

A  president  of  one  of  the  most  important  coal  roads  in  New 
Jersey  stated,  at  a  special  meeting  of  the  American  Railway 
Association,  during  a  discussion  of  the  per  diem  rate :  "At 
thirty-three  and  one-third  cents  per  day  it  is  cheaper  for  every- 
body to  hire  cars  than  to  own  them  themselves."  At  the  rate 
of  thirty-three  and  one-third  cents  per  day,  capitalized  at  five 
per  cent.,  the  value  of  a  car,  including  maintenance  and  repairs, 
would  be  $2,430,  which  is  more  than  twice  the  purchase  price. 

FACTOR  OF  DEPRECIATION. 

While  the  useful  value,  for  the  purpose  of  a  railroad  needing 
freight  cars,  fluctuates  materially  and  has  no  direct  bearing  on 


IOO 

the  purchase  value,  this  element  of  use  should  be  considered  as 
a  factor  in  determining-  depreciation. 

DEMAND   FOR   CARS. 

The  early  part  of  1906,  culminating  in  March  with  a  shortage 
of  150,000  freight  cars,  with  a  minimum  shortage  in  July  of 
less  than  10,000  cars,  is  in  contrast  with  1908,  which  showed 
a  surplus  of  over  400,000  cars,  in  April,  with  practically  no 
shortage.  The  year  1907  was  a  well-balanced  year  in  the  demand 
for  freight-train  cars,  there  being  a.  practically  even  demand, 
with  less  than  50,000  surplus  cars  generally  throughout  the  year. 
The  surplus  and  demand  kept  even  pace  until  December,  when 
the  surplus  went  up  to  200,000  cars. 

The  year  1909  showed  a  considerable  improvement  over  1908. 
In  January  there  were  practically  350,000  idle  cars,  with  little 
shortage,  which  dwindled  to  about  25,000  idle  cars  in  October 
of  that  year.  One  thousand  nine  hundred  and  ten  showed  a  still 
great  improvement  in  demand. 


DISTRIBUTION  OF  DEMAND. 

The  use  and  earning  capacity  of  the  freight  cars  for  the  years 
1906  to  1910,  both  inclusive,  for  the  railroads  in  Group  II., 
comprising  New  York,  New  Jersey,  Delaware  and  Eastern 
Pennsylvania,  having  the  second  largest  mileage  of  any  group, 
will  be  fairly  illustrative.  In  none  of  these  years  was  there  an 
excess  of  cars  in  use  over  the  number  of  cars  owned : 


Per  Cent. 


Average 
Miles 


-Average  Daily  Earnings.- 


Year. 


Total  Cars    Per  Car         Per  Car     Per  Railroad       All  Cars 
on  Line.        Per  Day.        Owned.      Car  on  Line.        on  Line. 


igo6,  

•  •  99-5 

23-9 

$2  29 

$2  48 

$2  28 

1907,  

•  •  93-0 

24-3 

2  39 

2  55 

2  35 

1908,  

.  .  95.0 

21.2 

2  50 

i  99 

1  96 

IQOQ.  . 

o^.; 

2  10 

2  2O 

2  i=; 

AVERAGE, 


....23.15 


$2  18 


IOI 


EARNINGS  OF  FREIGHT  CARS. 

The  foregoing  table  shows  the  average  miles  run  per  day 
to  be  23.15,  and  the  average  earnings  per  car  $2.18.  The  in- 
come from  freight  cars  for  1909  figures  on  the  number  of  cars 
in  service  earning  revenue,  that  is,  on  2,067,884  cars,  is  $1,643,- 
967,780. 

If  the  earning  of  the  freight  cars  were  capitalized  at  5  per 
cent.,  the  resulting  value  would  be  $31,018,260.000,  or  nearly 
three  times  the  commercial  value  of  all  the  railroad  property 
of  the  United  States,  as  estimated  by  the  Interstate  Commerce 
Commission  in  1904,  namely,  $11,244,852,000. 

This  capitalized  value  of  freight  cars  is  entirely  apart  from 
the  passenger  cars. 

The  equipment  of  a  railway  must  be  maintained  to  a  higher 
degree  of  efficiency  than  the  equipment  o<f  a  stationary  plant  in 
order  to  furnish  satisfactory  service  to  the  public.  Certain  safety 
appliances  are  required  by  the  Federal  'Government,  and,  aside 
from  the  probable  expense  arising  from  casualties  as  a  common 
carrier,  the  earning  power  of  the  railroad  is  affected  by  the 
maintenance  as  well  as  the  design  of  each  particular  piece  of 
rolling  stock.  These  conditions  emphasize  the  necessity  of  over- 
coming decrepitude  and  obsolescence  as  far  as  possible. 

The  question  of  useful  life  for  any  requirement  presupposes 
a  thorough  knowledge  of  the  nature  of  the  service,  and  the 
railways  in  this  State  keep  the  equipment  up  to  date  in  effi- 
ciency and  design  by  following  up  closely  in  maintenance  and 
by  vacating  equipment  as  soon  as  intangible  depreciation  and 
obsolescense  approach  inefficiency. 

The  annual  expenditures  for  maintenance  must  be  sufficient 
to  make  good  all  tangible  depreciation.  It  is  the  exception  when 
equipment  is  not  improved  in  design,  durability  and  service  by  a 
thorough  overhauling  in  the  shops. 

Few  railway  companies  have  made  careful  study  of  the  per- 
centages of  depreciation,  and  fewer  companies  make  public  the 
information  so  gathered. 


IO2 

One  of  the  largest  railway  companies  shows  the  average 
amount  of  equipment  vacated  from  1902  to  1909,  both  inclusive, 
by  percentage,  as  follows : 

Locomotives,     2.85  per  cent. 

Passenger-train  cars,  .* 3.45  "       " 

Freight-train  cars,    4.92  ' 

Common-service  cars,   3.83  ' 


LOCOMOTIVES  AND  DENSITY  OF   TRAFFIC. 

The  useful  life  of  a  locomotive  may  be  considered  as  twenty 
years,  unless  extended,  by  the  application  of  a  new  boiler,  to 
thirty  years.  The  density  of  traffic  and  the  amount  of  duty  put 
upon  locomotives  in  this  country  is  far  greater  than  in  Great 
Britain  or  on  the  Continent. 

In  Group  II.  the  number  of  locomotives  in  use  was  13,777  in 
1906,  or  .547  locomotives  per  mile  of  road  operated.  According 
to  the  Board  of  Trade  Returns  for  1906',  there  were  then  in 
the  United  Kingdom  22,118  locomotives  for  22,936  miles  of 
line,  or  practically  one  locomotive  for  each  mile  of  track  against 
.547  locomotives  per  mile  of  track  in  this  country. 

In  1897  there  were  ij6,886  locomotives  in  the  Kingdom,  the 
average  cost  of  maintenance  and  renewal  being  $989.  This 
amount  rapidly  increased  to  $1,215  per  engine,  or  about  ten  per 
cent,  of  the  average  cost  of  locomotives  in  Great  Britain. 

The  locomotives  of  the  Kingdom  are  maintained  to  a  high 
standard,  and,  while  the  percentage  of  cost  of  maintenance  to 
original  purchase  price  is  high,  the  rate  of  intangible  deprecia- 
tion should  be  correspondingly  low. 


OBSOLESCENCE  IN  EQUIPMENT. 

Ehiring  the  last  live  years  there  has  been  a  large  increase  in 
Group  II.,  as  shown  by  the  following  tables  : 


SUMMARY  OF  EQUIPMENT.    GROUP  II. 


LOCOMOTIVES. 


1904. 

Passenger,     3,044 

Freight,     6,566 

Switching,    1,834 

Unclassified,    79 

Leased,    537 


1905. 

3,045 

6,830 

1,854 

77 

739 


1906. 

3,264 

7,485 

2,143 

72 

814 


1907. 

3,274 

7,8i6 

2,265 

67 

950 


1908. 
3,273 
7,953 
2,320 

65 


Per  Cent. 
More     Less 
1908.      1908. 

7.5 

21.0          -.... 
26.O  

21.5 


Total, 


12,060      12,545       13,777       14,372      13,611 


ASSIGNMENT  OF  EQUIPMENT  PER  I,OOO  MILES  OF  LINE.     GROUP  II. 


Passenger,    

Freight,     

Switch,    

Unclassified. 


Total, 


501 


LOCOMOTIVES. 


1904. 

1905. 

1906. 

1907. 

132 

131 

138 

137 

285 

293 

3i6 

327 

8o 

80 

90 

95 

4 

3 

3 

3 

507 


547 


Per  Cent. 
More     Less 
1908.      1908.      1908. 


334 


17.0 
10.0 


562  563 


SUMMARY  OF  EQUIPMENT.       GROUP  II. 


CARS. 


Passenger 

1904. 
ii  360 

1905. 
11,466 
441,761 
14,645 
78,517 
18,010 

joo<5. 
11,823 

465,545 
16,749 
99,508 
18,792 

1907. 
12,107 
498,791 
17,785 
135,529 
19,047 

1908. 
12,389 
520,241 
18,784 

Per  Cent. 
More     Less 
1908.      1908. 
8.9        .... 
16.8 
37-0 

Freight 

•  445,056 
13666 

Company 

Leased,     
Fast  Fr.   L.   S.,.. 

.     88,720 
-     17,672 

18,412 

4-0 

Total,    576,482    564,399    612,417    683,259    569,826 


104 

ASSIGNMENT   OF   EQUIPMENT   PER    I,OOO   MILES.       GROUP  II. 


CARS. 


Passenger,    494  493  499  507  521  5.0 

Freight,     19333       18,976       19,660      20,879      21,742         12.0 

Company,     594  629  707  744  765       28.7 


Total,    20,421       20,098      20,866      22,130      23,028 

ASSIGNMENT  OF  EQUIPMENT  TO  AMOUNT  OF  TRAFFIC.     GROUP.  II. 

Passengers 

carried  per 

locomotive.  87,275  90,37 1  91,722  98,316  95454  9-O  .... 

Passenger 

miles  per 

locomotive,  1,874,006  1,950,165  1,989,716  2.164,724  2,164,678  15.0  .... 
Tons  carried 

per  freight 

locomotive,  63,053  65,254  68,010  72,455  58,170  ....  8.0 

*Tons  mile 

per  frt. 

locomotive,  7,256,025  7,481,237  7,700,669  8,118,634  7,593,575  4-6  .... 
Passenger  cars 

per  million 

passengers 

carried,  43  42  39  38  40  ....  75.0 

Freight  cars 

per  million 

tons  of  freight 

carried,  1,075  991  915  881  1,119      4-°     — 

A  study  of  the  foregoing  tables,  giving  summary  of  equip- 
ment in  Group  II.,  shows  that  the  railways  are  vacating  their 
lighter  equipment  rapidly. 

BOX  CARS. 

The  increase  in  5O^ton  box  cars  was  245  per  cent,  during  the 
five-year  period.  The  cars  ranging  from  5  to  30  tons  show 
marked  decrease,  especially  in  the  15-100  class. 


*  NOTE. — Ton  miles  per   locomotive  increased    16  per  cent,   from   1904  to 
1907,  inclusive. 


STOCK  CARS. 

The  jump  in  the  5o-ton  stock  cars  is  still  more  remarkable, 
being  5,746  per  cent.  The  4O-ton  stock  cars  have  also  increased 
enormously  during  this  period,  there  being  1,263  Per  cent,  more 
4O-ton  stock  cars  in  1908  than  in  1904.  The  decrease  in  1  5-ton 
cars  during  this  period  is  846  per  cent. 


CARS. 


Flat  cars  do  not  show  as  much  increase,  except  in  the  large 
cars.  The  increase  in  5O-ton  cars  is  201  per  cent.  The  decrease 
in  light  cars  is  noticeable  in  this  class.  Even  the  2O-ton  cars 
show  a  loss  of  54  per  cent. 

COAL  CARS. 

The  increase  in  capacity  of  coal  cars  is  more  marked  than  in 
any  other  class.  5O-ton  coal  cars  have  increased  232  per  cent., 
and  55-ton  cars,  498  per  cent. 

In  19015,  a  new  class  of  loo-ton  cars  was  created.  200  of  these 
cars  were  built  but  no  additions  have  been  made,  and  it  does  not 
appear  at  this  time  that  this  large  capacity  car  is  to  be  generally 
adopted. 

FREIGHT  LOCOMOTIVES. 

The  number  of  freight  locomotives  increased  21  per  cent, 
during  the  five-year  period.  The  traction  force  is  vastly  in- 
creasing. In  1904,  there  were  85  Class  E~5  four  cylinder 
compounds,  tractive  force,  62,800  pounds.  This  class  has 
increased  87  per  cent,  in  five  years. 

A  new  class  of  equipment  was  created  in  1908,  when  three 
Class  A-8  locomotives  were  built  with  94,800  pounds  tractive 
force,  an  increase  of  51  per  cent.  For  detailed  statement  of 
equipment  o>f  all  railroads  in  the  United  States,  for  years  1904 
to>  1908,  both  inclusive,  see  appendix. 


io6 

The  purpose  of  presenting  and  analyzing  the  statements  con- 
cerning motive  power  and  equipment  is  to  direct  attention  to 
the  elements  of  depreciation,  which  cannot  be  directly  expressed 
by  tangible  decrepitude. 

There  is  no  market  for  equipment  which  becomes  too  light 
even  for  the  branch  lines  of  a  large  railroad  system.  There  has 
been  little  railroad  construction  during  the  past  five  years  and, 
while  the  development  of  new  and  larger  capacity  equipment 
does  not  call  for  the  immediate  vacation  of  the  light  equipment, 
the  result  is  a  large  decrease  in  the  value  of  the  light  equipment 
to  that  particular  company,  and  it  quickly  degenerates  to  its 
scrap  value. 

TRUE  VALUE.  OF  EQUIPMENT. 

For  the  reasons  hereinbefore  recited,  it  is  believed  that  the 
true  value  of  equipment  can  be  established  only  after  careful  con- 
sideration is  given  to  all  the  elements  which  affect  value ;  and,  for 
this  reason,  every  phase  of  the  question  has  been  gone  into. 
Decrepitude  and  obsolescence  do  not  measure  the  full  amount  of 
deduction  from  original  cost  in  years  of  lean  business,  when 
there  are  many  thousand  idle  cars.  The  percentages  of  deprecia- 
tion used  by  railroad  companies  in  accordance  with  Interstate 
Commerce  requirements  are  not  for  the  purpose  of  establish- 
ing present  value  of  equipment. 


to; 

CHAPTER  XIII. 

DEPRECIATION  OF  FLOATING  EQUIPMENT. 
FLOATING  EQUIPMENT. 

There  is  no  well-defined  and  generally  accepted  formula  for 
determining  the  depreciation  of  floating  equipment.  The  factor 
of  improved  design  or  more  efficient  machinery  does  not  apply 
to  river  and  harbor  craft  with  the  same  force  as  to  ocean-going 
vessels.  It  is  not  likely  that  ferry  boats  will  increase  their 
speed,  as  their  present  speed  capacity  is  in  excess  of  possible 
use  except  for  brief  emergency.  Some  of  the  cross-river  boats 
are  powered  the  same  as  the  boats  in  23d  Street  service  in 
order  to  go  into  service  should  occasion  arise.  The  general 
dimensions  of  these  ferry  boats  are  practically  determined  and 
any  material  change  in  dimensions  is  not  likely,  for  the  reason 
that  the  slips,  floats  and  ferry  houses  are  designed  to  accom- 
modate boats  of  the  dimensions  now  in  use,  and  any  material 
change  in  such  dimensions  would  necessitate  changes  in  the 
slips. 

OF  RIVER  TUNNELS. 


The  abandonment  of  ferry  service  on  account  of  the  opening 
of  the  Hudson  and  Pennsylvania  tunnels  must  be  considered. 
It  is  likely  that  there  will  be  an  increase  of  revenue  from  ferry 
boats  -because  of  increased  team  freight  paying  larger 
tolls  as  the  passenger  traffic  is  deflected  to  the  tunnels  ;  but,  since 
a  considerable  amount  of  the  cost  of  the  ferries  is  in  the  orna- 
mental finish,  floors,  etc.,  ferry  boats  for  freight  service  only 
can  be  constructed  at  less  cost.  So  far  as  ferry  boats  are  con- 
cerned, there  is  no  considerable  depreciation  chargeable  to  ob- 
•solescence,  excepting  by  reason  of  abandonment  of  this  class  of 
service.  The  upkeep  is  generally  good  and  the  painting  of  the 
hull  and  superstructure  defends,  to  a  large  degree,  against  the 
wearing  effect  of  the  elements. 


io8 


HULL    MUST    Blv    MAINTAINED. 

On  account  of  the  absolute  necessity  of  a  tight  hull,  it  must 
be  maintained  in  perfect  condition  so  far  as  the  buoyancy  and 
the  necessary  strength  are  concerned,  and  these  factors  do  not 
permit  of  neglect  as  in  land  equipment.  Consequently,  the 
charge  for  maintenance  largely  occupies  the  place  of  deprecia- 
tion, and,  indeed,  under  the  process  of  maintenance  or  upkeep, 
especially  in  wooden  boats,  the  hull  is  constantly  changing  its 
members,  until  all  that  remains  is  the  design.  This  is  illustrated 
by  the  barge  "Cornelia,"  which  commenced  its  official  life  as  a 
schooner  in  1839.  In  1864  it  was  changed  to  a  sloop  and  in 
1881  it  became  a  Pennsylvania  Railroad  barge.  It  is  still  in 
service  and  will,  probably,  continue  in  service  as  long  as  barges 
of  its  dimensions  are  found  desirable  to  operate. 

M  KTAL  HULLS. 

In  the  case  of  metal  hulls,  plates  are  renewed  and,  since  the 
original  skin  is  comparatively  thin,  no  material  depreciation  is 
contemplated  for  many  years,  and  -as  the  plates  are  renewed 
from  time  to  time  a  considerable  portion  of  the  depreciation  is 
wiped  out  and  the  scrap  value  increased. 

TUG  BOATS. 

The  necessity  of  considering  the  obsolescence  of  the  machinery, 
boilers,  etc.,  of  tug  boats  is  more  apparent;  and,  yet,  there  has 
been  no  unusual  change  in  design  of  power  for  several  years  past. 
Economies  in  development  of  power  are  gradual  and,  in  many 
cases,  fall  under  the  item  "Maintenance ;"  and  for  some  years  the 
engines  are  improved  by  operation,  and  any  defective  parts  due 
to  material  or  design  are  replaced.  There  is  no  particular  strain 
due  to  buffeting  by  the  sea.  The  boilers  in  many  of  the  best 
boats  are  more  than  ten  years  old  and  no  renewals  are  being 
considered.  When  such  renewals  are  made,  they  generally  con- 
sist of  superior  boilers,  and  they  are  charged  to  "Maintenance" 
or  "Additions." 


log 

STEAM    LIGHTERS. 

A  steam  lighter  has  the  lightest  service,  as  it  is  moved  to  the 
pier  while  the  cargo  is  placed;  then  it  makes  a  short  trip,  prob- 
ably not  averaging  three  miles,  and  ties  up  to  the  pier  until  the 
cargo  has  been  unloaded  and,  possibly,  a  return  load  taken. 
The  strain  on  the  boilers  of  the  steam  lighters  may,  however,  be 
greater  than  the  strain  on  the  boilers  of  ferry  boats,  for  the  reason 
that  uniform  steam  pressure  is  not  maintained. 

CAR  FLOATS. 

The  car  floats  are  subjected  to  considerable  strain  and  the  de- 
preciation on  this  account,  especially  in  the  case  of  wooden  hulls, 
is  considerably  more  than  on  account  of  decay.  In  the  case  of 
steel  barges,  however,  the  life  of  the  hull  is  somewhat  equal  to 
that  of  the  hulls  of  steam  or  sailing  vessels  in  harbor  waters; 
and  the  percentage  of  the  scrap  value  to  the  original  value  is 
much  larger  than  in  any  other  form  of  floating  equipment. 

BOOK   VALUES    NOT    CHARGED. 

*  The  reports  of  the  Pennsylvania  Railroad  Company  for 
1907-8-9  (the  other  railroads  in  the  State  do  not  report  book 
value  in  their  annual  statements)  do  not  show  that  any  deprecia- 
tion is  made  in  the  asset  account  of  floating  equipment.  No 
doubt,  a  considerable  sum  is  charged  each  year  to  operation  or 
surplus  in  order  to  provide  a  fund  to  keep  the  equipment  up  to 
date.  On  the  other  hand,  this  asset  account  is  not  credited  with 
new  equipment,  and  it  seems  to  be  the  theory  that  the  upkeep  takes 
care  of  the  depreciation;  and,  therefore,  no  charge  is  made  in 
the  asset  account  as  far  as  the  published  statement  is  concerned. 
Yet,  the  value  of  the  floating  equipment  is  increased  by  additions. 

The  book  accounts  of  the  custodian  of  the  property  probably 


*  Note. — Pennsylvania    Railroad    Statement,     1910,    shDws    increase    value 
floating  equipment,  $569,455.44. 


no 

vary  from  the  annual  statements;  and,  in  fact,  the  estimated 
present  value  furnished  us  by  the  Pennsylvania  Railroad  Com- 
pany is  considerably  higher  than  is  shown  in  their  annual 
statement. 

The  practice  of  maintaining  a  constant  asset  value  for  the 
purpose  of  the  annual  financial  statement,  for  the  information 
of  the  security  holders,  is  perhaps  entirely  proper  and  to  be 
recommended,  as  it  insures  a  conservative  estimate  of  the  naked 
values  behind  the  securities,  provided  always  that  maintenance  is 
kept  up  to  or  in  advance  of  depreciation. 

The  tangible  depreciation  can  be  maintained.  There  is,  how- 
ever, an  intangible  depreciation  which  cannot  be  maintained,  and 
in  the  survey  of  each  vessel  this  must  be  considered. 


NEW  YORK  FERRIES. 

The  city  of  New  York  operates  ferry  boats  of  similar  design 
and  in  similar  service,   these  municipal  boats  are  not  maintained 
with  the  same  degree  of  care  as  the  equipment  under  considera- 
tion.    The  question   of   depreciation   on   this  municipal   equip- 
ment has  been  the  subject  of  much  debate,   and  the  so-called 
"Prentice  Bill/'  calling  for  an  arbitrary  annual  depreciation,  was 
offered.     This  bill  was  opposed  by  the  Department  of  Docks 
and  Piers,  and  the  following  is  the  opinion  of  Auditor  Phelan : 
"In  regard  to  the  deductions  during  each  fiscal  year 
for  depreciation  from  the  original  valuation  of  each  item 
of  the  floating  plant  used  in  the  ferry  service,  the  amount 
to  be  charged  off  for  depreciation  of  floating  plant  is  a 
very  uncertain  quantity.     The  plant  will  be  always  kept 
in  excellent  condition  and   repair.     New  boilers,   tubes, 
etc.,  etc.,  will  be  supplied  as  required,  the  cost  of  same 
being  charged  to  repairs  and  maintenance.     The  plant 
will,  therefore,  be  always  kept  in  first-class  condition  and 
allowed  to  suffer  little  depreciation.     In  order  to  show 
the  care  which  should  be  taken  in  charging  off  the  depre- 
ciation when  the  property  is  carefully  looked  after  and 
kept  in  good  repair,  I  might  instance  the  one  hundred-ton 


Ill 

floating  derrick  "City  of  New  York,"  which  is  in  almost 
constant  use.  It  was  built  about  thirty-six  years  ago  and 
its  value  in  1882  (the  first  year  I  find  a  record  of  its 
value)  was  placed  at  $95,000.  At  the  present  time  its 
value  is  estimated  at  $110,000.  If  a  charge  of,  say,  5  per 
cent,  for  depreciation  had  been  made  each  year,  this  der- 
rick would  have  been  wiped  out  of  existence  almost  twice 
over,  so  far  as  the  accounts  of  the  department  would  be 
concerned,  while,  as  a  matter  of  fact,  it  is  just  as  valuable 
for  the  uses  and  purposes  of  the  department  now  as  when 
it  was  built. 

"It  would  be  difficult,  therefore,  to  decide  upon  a  sum 
to  charge  off  each  year  for  depreciation  and  the  amount, 
if  any,  to  be  so  charged  off  should  be  left  to  the  discretion 
of  the  Dock  Commissioner." 

The  auditor  does  not  contend  that  any  depreciation  should  be 
written  off.    The  Prentice  Bill  was  not  passed. 


OCEAN-GOING  BOATS. 

The  manager  of  one  of  the  most  important  ocean  steamship 
lines  operating  in  affiliated  interest  with  a  large  railroad  system 
contended  with  the  chartered  public  accountants  who  prepared 
the  annual  statement  for  his  company  that  they  were  charging 
off  too  large  an  amount  to  depreciation  in  reducing  the  asset 
value  of  the  floating  equipment  5  per  cent,  annually,  and,  after 
the  final  argument  of  the  manager,  the  directors  decided  on  an 
annual  depreciation  of  3  per  cent.  The  depreciation  on  ocean- 
going vessels  should  be  increased  over  inland  water  service  be- 
cause of  the  greater  strain  and  obsolescence.  If,  then,  the 
depreciation  of  3  per  cent,  as  determined  in  the  case  mentioned 
is  correct,  a  somewhat  less  amount  should  be  charged  off  to  cover 
the  intangible  depreciation  of  inland  water  equipment,  such  as 
is  under  consideration. 

We  have  conferred  with  custom-house  surveyors,  marine 
insurance  underwriters  and  surveyors,  Lloyd's  agent  et  al.,  and 
have  endeavored  to  gain  knowledge  of  the  practice  from  all 


112 

reliable  sources.  The  practice  of  the  marine  underwriters  does 
not  assist  us.  Vessels  are  surveyed  each  year,  or  oftener,  and 
insurance  rarely,  if  ever,  exceeds  a  period  of  one  year. 

A  ferry  boat  thirty  years  old,  costing  originally  $200,000,  may 
have  required  the  expenditure  of  $i 50,000  plus  interest  on 
original  cost  of  maintenance,  the  total  sum  of  which  may  equal 
the  original  cost. 

The  "Mary  Powell,"  built  in  1861,  is  well  known  to  travelers 
on  the  Hudson  River  and,  though  forty-nine  years  old,  it  is 
to-day  considered  one  of  the  speediest  and  best  boats  on  the 
river.  Thousands  of  dollars  have  been  spent  in  its  up-keep  and 
this  boat  is  held  by  the  owners  to  be  in  the  class  of  up-to-date 
boats,  such  as  the  "Hendrick  Hudson"  and  the  "Robert  Fulton." 

The  President  of  the  Hudson  River  Day  Line,  owner  of  the 
"Mary  Powell,"  says,  under  date  of  December  Qth,  1910:  "The 
'Mary  Powell'  was  thoroughly  overhauled  this  fall  and  was  on 
the  dry  dock  of  Tietjen  and  Lang,  at  Hoboken,  for  a  long  time 
and  every  particle  of  weakened  or  rotten  wood  was  removed, 
new  hog  frames  put  in  and  the  boat  thoroughly  overhauled  from 
stem  to  stern;  at  the  end  of  which  time,  Mr.  Lang,  one  of  the 
most  expert  wooden-boat  builders  in  this  country,  said  that  the 
"Powell"  was  good  for  twenty  years.  Our  contention  is  that 
there  is  no  old  'Mary  Powell.'  ' 

MAINTENANCE  FUND. 

Depreciation  for  the  purpose  of  establishing  present  value 
should  not  be  confused  with  cost  of  maintenance.  It  is,  of 
course,  necessary  to  provide  a  fund  for  maintenance,  and  this 
may  be  done  either  by  charging  an  item  to*  established  require- 
ments for  up-keep  and  additions  or  by  charging  a  depreciation 
to  operating  expenses  available  for  up-keep,  renewals  and  addi- 
tions. Every  ferry  boat,  tug,  lighter  or  other  equipment  hav- 
ing machinery,  a  metal  hull  or  any  other  metal  member,  has  a 
scrap  value  which  is  practically  constant  so  far  as  it  is  reasonable 
to  consider  such  items  in  any  broad  plan  for  depreciation  against 
the  intang-ible  loss  in  value.  This  scrap  value  should  be  deducted 


from  the  naked  replacement  value  before  any  depreciation  is 
deducted  from  the  asset  value,  since  the  asset  value  never  tails 
below  the  scrap  value. 

AMORTIZATION. 

In  addition  to  the  cost  of  maintenance,  there  are  the  elements 
of  decrepitude  and  obsolescence,  spoken  of  hereinbefore  under 
the  title  "Depreciation."  The  cost  of  maintenance  has  been  pro- 
vided for  by  deducting  same  from  rail  revenue ;  and  the  amorti- 
zation has  been  provided  for  by  the  depreciation. 

The  depreciation  shown  in  the  final  summary  of  this  report 
is  thirty  per  cent.  We  do  not  intend  to  convey  the  impression 
that,  in  making  this  large  depreciation,  the  efficiency  of  the  rail- 
roads is  thirty  per  cent,  below  par;  for,  indeed,  the  railroads  in 
the  State  are  maintained  in  first-class  condition  to  serve  the 
various  classes  of  service  required. 

The  Interstate  Commerce  Commission,  in  its  classification  of 
operating  expenses,  requires  a  depreciation  on  equipment  only. 
There  is  no  fixed  rate  of  percentage  for  depreciation,  and  this 
question  is  left  open  for  the  individual  determination  by  each  rail- 
road company. 


114 

CHAPTER  XIV. 

OPERATION  OF  FLOATING  EQUIPMENT. 

DOMICILE  AND  SITUS  OF  FLOATING  EQUIPMENT. 

The  floating  equipment  of  the  Pennsylvania  Railroad  Com- 
pany, the  Central  Railroad  Company  of  New  Jersey,  the  Erie 
Railroad,  the  Delaware,  Lackawanna  and  Western  Railroad,  and 
the  Lehigh  Valley  Railroad  operate  generally  within  the  lighter- 
age limits  bounded  on  the  north  by  Fort  Lee  and  13 5th  Street 
Piers  on  the  Hudson  River,  and  I55th  Street  Pier  on  the  Har- 
lem River;  on  the  south  by  Avenue  C,  Bergen  Point  and  Owl 
Head,  Richmond  Avenue,  Borough  of  Kings. 

Several  railroad  companies  deliver  freight  to  the  Jersey  shore 
throughout  the  frontage  extending  from  South  Amboy  to  Edge- 
water.  From  these  main-shore  terminals  the  movement  of  the 
floating  equipment  radiates  over  and  upon  the  waters  of  the 
Hudson  River,  the  Harlem  River  and  the  East  River,  Upper 
New  York  Bay,  the  Kill  von  Kull  and  the  Arthur  Kill— with 
the  exception  of  certain  tugs  and  barges  which  are  operating 
entirely  in  coastwise  coal  traffic  between  South  Amboy  and  points 
as  far  east  as  Boston,  such  as  the  Delaware  and  Raritan  Canal 
barges,  numbering  700  to  722,  inclusive.  These  barges  never 
enter  the  canal  and  seldom  enter  within  the  lighterage  limits 
before  described  and  they  are  moored,  when  idle,  on  the  Jersey 
shore  of  the  Arthur  Kill. 

FLOATING  EQUIPMENT;  WHERE  ASSESSED. 

The  floating  equipment  included  in  this  report  is  generally  dry- 
docked  on  the  Jersey  shore  and,  when  idle,  is  tied  up  on  the 
Jersey  shore,  the  vessels  engaged  in  the  traffic  of  the  Central 
Railroad  Company  of  New  Jersey  between  New  York  City  and 
Atlantic  Highlands  being  tied  up  at  Communipaw. 

The  question  to  be  determined  is  whether  or  not  this  equip- 
ment, or  any  portion  of  it,  should  be  assessed  by  the  State  of 


New  Jersey;  and,  in  order  to  determine  this  matter,  a  careful 
study  has  been  made  of  the  decisions  affecting'  this  question.  The 
State  of  New  York  does  not  tax  the  floating  equipment  referred 
to,  and  it  is  believed  that  the  equipment  is  not  taxed  in  New 
York  for  the  reason  that  its  home  port,  its  situs  and  its  domicile 
are  in  the  State  of  New  Jersey,  though  enrolled  in  the  port  of 
the  city  of  New  York,  which  port  includes  Hudson  and  Bergen 
counties,  New  Jersey. 


HOME)    PORT; 

A  vessel's  home  port  is  that  port  established  by  law,  at  or 
nearest  to  which  the  owner  resides.  (See  "Customs  Regula- 
tions.") 

The  name  of  the  home  port  does  not  of  necessity  fix  the 
domicile  in  a  particular  state  or  city,  excepting  as  established 
by  law.  See  Revised  Statutes  U.  S.,  2d  Edition,  Title  XXXLV., 
Chap.  L,  Section  2535,  from  which  we  quote  as  follows  : 

C(  Second.  The  District  of  the  City  of  New  York;  to 
comprise  all  the  waters  and  shores  of  the  State  of  New 
York,  and  the  counties  of  Hudson  and  Bergen  in  the 
State  of  New  Jersey,  not  included  in  other  districts;  in 
which  New  York  shall  be  the  port  of  entry." 

"Section  2541.  There  shall  be  in  the  State  of  New 
Jersey  six  collection  districts." 

"  First.  The  district  of  Newark;  to>  comprise  all  the 
waters  and  shores  of  that  part  of  the  State  of  New  Jersey 
lying  north  and  east  of  Elizabeth  and  Staten  Island,  ex- 
tending eastward  as  far  as  the  Kill  von  Kull  where  it 
empties  into  the  Bay  of  New  York;  including  all  the 
waters  and  shores  of  Newark  Bay  and  the  rivers  and 
bays  tributary  thereto,  the  northern  shore  of  the  strait 
or  passage  known  as  Kill  von  Kull,  and  all  that  part  of 
the  western  shore  of  the  strait  or  passage  known  as  Staten 
Island  Sound,  or  Arthur  Kill,  which  lies  north  of  the 
northern  boundary  line  of  the  town  of  Rah  way,  as 
bounded  on  the  twenty-second  day  of  February,  eighteen 


n6 

hundred  and  sixty-nine;  in  which  Newark  shall  be  the 
port  of  entry,  and  Elizabeth  a  port  of  delivery." 

"Second.  The  district  of  Perth  Amboy  to  comprise  all 
the  waters  and  shores  within  the  State  of  New  Jersey 
from  the  northern  boundary  line  of  the  town  of  Rah  way, 
as  bounded  on  the  twenty-second  day  of  February,  eigh- 
teen hundred  and  sixty-nine,  to  Barnegat  Inlet;  in  which 
Perth  Amboy  shall  be  the  port  of  entry  and  New  Bruns- 
wick and  Middle-town  Points  ports  of  delivery." 


PORT  OF  NEW  YORK. 

It  will  be  observed  that  the  term  "Port  of  New  York"  com- 
prises not  only  all  the  waters  and  shores  of  the  State  of  New 
York  but,  also,  the  counties  of  Hudson  and  Bergen  as  definitely 
described  in  Section  2535. 

A!  resident  of  Hudson  county,  New  Jersey,  who  is  the  owner 
or  the  managing  owner  of  a  vessel  must,  therefore,  enter  and 
document  his  vessel  at  the  custom  house  in  New  Ybrk  City. 
The  Federal  Government  thus  ignores  boundaries  of  states  and 
groups  or  associates  a  part  of  the  State  of  New  Jersey  with  the 
State  of  INew  York;  and,  therefore,  the  name  of  the  port  of 
entry  does  not  necessarily  disclose  the  domicile  of  the  owner  of 
the  vessel  other  than  to  fix  his  domicile  within  the  "District  of 
the  City  of  Niew  York" ;  and  any  owner  of  a  vessel  domiciled 
within  the  limits  of  the  District  of  New  York,  even  if  he  be  a 
resident  of  Hudson  or  Bergen  counties,  New  Jersey,  as  de- 
scribed, is  required  by  the  law  to  enter  his  vessel  at  the  custom 
house  in  the  City  of  New  York. 


DOMICILE  OF  OWNER  IS  THE  SITUS. 

The  decision  of  the  Federal  Courts  seem  to  determine  that  the 
domicile  O'f  the  owner  is  the  situs  of  the  vessel  for  the  purpose 
of  taxation,  wholly  irrespective  of  the  place  of  enrollment. 


EQUIPMENT  NOT  ALWAYS  ENROLLED. 

Attention  is  again  directed  to  the  enrollment  of  the  floating 
equipment  of  the  various  railroads  partly  in  the  port  of  New 
York  and  partly  in  the  poirt  of  Perth  Amboy  and,  further,  to 
the  fact  that  a  considerable  portion,  in  value,  of  the  equipment 
is  not  entered,  enrolled  or  documented  in  any  district. 

The  broad  use  and  purpose  of  the  floating  equipment  is  not 
affected  by  the  district  in  which  it  is  documented;  or  whether  it 
is  documented  at  all ;  or  whether  the  managing  owner  resides  in 
the  State  of  New  York  or  in  Hudson  or  Bergen  counties,  New 
Jersey.  The  following  citations  bear  on  the  question : 

Ayer  and  Lord  Tie  Company  vs.  Commonwealth  of  Ken- 
tucky. Error  to  the  Court  of  Appeals  for  the  State  of  Ken- 
tucky; United  States  Supreme  Court  #  268.  Argued  April 
.27th,  1906;  decided  May  2ist,  1906. 

"The  general  rule  as  to  vessels  plying  between  the 
ports  of  different  states  and  engaged  in  the  coastwise 
trade  is  that  the  domicile  of  the  owner  is  the  situs  of  the 
vessel  for  the  purpose  of  taxation,  wholly  irrespective  of 
the  places  of  enrollment,  subject  to  the  exceptions  that 
where  a  vessel  engaged  in  interstate  commerce  has 
required  an  actual  situs  in  a  state  other  than  that  which 
is  the  domicile  of  the  owner,  it  may  there  be  taxed  be- 
cause within  the  jurisdiction  of  the  taxing  authorities. 

"Vessels  owned  by  a  corporation  domiciled  in  Illinois, 
and  which,  although  enrolled  at  a  Kentucky  port,  are  not 
engaged  in  commerce  wholly  in  the  state,  but  are  engaged 
in  interstate  commerce  and  which  have  acquired  a 
permanent  situs  for  taxation,  and  are  taxed  in  another 
state,  are  not  subject  to  taxation  by  the  State  of  Ken- 
tucky; nor  is  their  situs  for  taxation  therein  on  account 
of  their  being  enrolled  at  a  port  of  that  state. 

"But  if  enrollment  at  that  place  was  within  the 
statutes,  it  is  wholly  immaterial,  since  the  previous  deci- 
sions to1  which  we  have  referred  decisively  establish  that 
enrollment  is  irrelevant  to  the  question  of  taxation,  be- 
cause the  power  of  taxing  vessels  depends  either  upon  the 


n8 

actual  domicile  of  the  owner   or   the  permanent  situs  of 
the  property  within  the  taxing  jurisdiction." 


SITUS  OF  PERSONAL  PROPERTY. 

Yost  vs.  Lake  Erie  Transportation  Company,  Circuit  Court 
of  Appeals,  Sixth  Circuit,  1901.     112  Fed.  746: 

i.  "Taxation — Jurisdiction  of  state.  Situs  of  per- 
sonal property. 

"To  enable  a  State  to  impose  a  valid  tax  upon  per- 
sonal property  it  must  have  jurisdiction  over  the  owner, 
or  the  property  must  have  acquired  a  situs  therein,  sep- 
arate from  the  owner's  domicile,  for  the  purpose  of 
taxation. 

"The  distinction  between  the  nature  of  vessel  property 
engaged  in  the  navigation  of  the  sea  or  interstate  waters 
and  the  movable  property  of  a  railroad  company  em- 
ployed in  interstate  commerce,  was  pointed  out  by  Mr. 
Justice  Gray  in  Pullman's  Palace  Car  Co.  v.  Pennsyl- 
vania, 141  U.  S.  18,  23;  ii  Sup.  Ct.  876,  878;  35  L. 
Ed.  613,  616,  where  the  justice  said : 

"  'Ships  or  vessels,  indeed,  engaged  in  interstate  or 
foreign  commerce  upon  the  high  seas,  or  other  waters, 
which  are  a  common  highway,  and  having  their  home 
port,  at  which  they  are  registered  under  the  laws  of  the 
United  States,  at  the  domicile  of  the  owner  in  another 
state,  at  whose  ports  they  incidentally  and  temporarily 
touch  for  the  purpose  of  delivering  or  receiving  passen- 
gers or  freight.  But  that  is  because  they  are  not,  in  any 
proper  sense,  abiding  within  its  limits,  and  have  no  con- 
tinuous presence  or  actual  situs  only  at  their  legal  situs/ 

"The  New  York  Court  of  Appeals  in  People  v.  Com- 
missioners of  Taxes  and  Assessments  for  City  and  County 
of  New  York,  58  N.  Y.  242,  246,  in  discussing  the  uncer- 
tainty of  taxing  situs  of  vessels  engaged  in  interstate 
or  foreign  commerce,  if  the  situs  fixed  by  the  registra- 
tion was  to  be  disregarded,  said  : 


:  'To  determine  the  situs,  for  the  purpose  of  taxa- 
tion, by  their  longer  or  shorter  stay  in  a  particular  port 
or  by  their  more  or  less  frequent  resort  to  it,  would  in- 
troduce perpetual  uncertainty  which  would  practically 
subject  them  to  taxation  in  every  port  or  exempt  them  in 
all.  We  are  of  the  opinion  that  the  rule  adopted  in  the 
case  of  the  United  States  Courts,  and  followed  in  the 
judgment  appealed  from,  is  the  better  rule,  and  is  in  ac- 
cordance with  the  statutes  regarding  taxation  in  this 
State/  " 

ENROLLMENT  OF  PENNSYLVANIA  RAILROAD  EQUIPMENT. 

The  equipment  of  the  Pennsylvania  Railroad  Company  is  en- 
rolled by  Lewis  Neilson,  Secretary  of  the  Pennsylvania  Rail- 
road Company,  with  offices  in  Philadelphia.*  It  would  appear, 
therefore,  that  the  Pennsylvania  Railroad  Company  has  de- 
clared the  domicile  of  this  equipment  to  be  nearest  to  the  district 
of  the  City  of  New  York  and,  since  this  district  includes  Hudson 
county  and  part  of  Bergen  county,  New  Jersey,  the  term  'Tort 
of  New  York"  includes  the  various  terminals  of  the  Pennsylva- 
nia Railroad  Company  on  the  Jersey  shore,  where  the  equipment 
is  operated  from  and  where  it  is  berthed. 

If  the  Pennsylvania  Railroad  Company  held  that  the  domicile 
of  the  owner  of  this  equipment  was  at  Philadelphia,  or  in  any 
part  of  Pennsylvania,  they  could  not  have  enrolled  it  in  the  "Dis- 
trict of  the  City  of  New  York." 

The  same  remarks  apply  to  the  other  railroad  floating  equip- 
ment of  this  State. 

The  equipment  of  the  Central  Railroad  of  New  Jersey  is 
enrolled  in  the  name  of  the  Central  Railroad  Company  of  New 
Jersey,  with  offices  in  the  City  of  New  York. 

The  ferry  boats  of  the  Erie  Railroad  Company  are  enrolled  in 
the  name  of  A.  G.  Grymes,  Superintendent  of  the  Marine  Depart- 
ment. All  other  equipment  is  enrolled  under  the  names  of  the 
captains  or  masters  of  the  boats. 


*  Note. — The  equipment  is   reported  to  the   State   Board  of  Assessors  as 
being  the  property  of  the  United  New  Jersey  Railroad  and  Canal  Company. 


I2O 

The  floating  equipment  of  the  Delaware,  Lackawanna  and 
Western  Railroad  Company  is  enrolled  in  the  names  o<f  W.  H. 
Truesdale,  E.  E.  Loomis,  A.  D.  Chambers,  E.  T.  Hallock  and 
J.  M.  Emery,  with  offices  in  the  City  of  New  York. 

If  we  determine,  then,  that  the  domicile  of  the  equipment  under 
consideration  is  in  New  Jersey,  or  in  any  part  of  it,  or  in  the 
"District  of  the  City  of  New  York,"  we  suggest  consideration 
of  the  opinion  of  Chief  Justice  Beasley,  Central  Railroad  v.  State 
Board  of  Assessors,  49  N.  J.  L.  (20  Vroom)  I. 

The  Chief  Justice  cites  the  Pullman's  Palace  Car  Company  v. 
Pennsylvania,  141  U.  $.  18.  In  that  case  the  opinion  was 
delivered  by  Justice  Gray,  from  which  we  quote  as  follows : 

"Ships  or  vessels,  indeed,  engaged  in  interstate  or  for- 
eign commerce  upon  the  high  seas  or  other  waters  which 
are  the  common  highway,  and  having  their  home  port,  at 
which  they  are  registered  under  the  laws  of  the  United 
States  at  the  domicile  of  their  owners  in  one  state,  and 
are  not  subject  to  taxation  in  another  state  at  whose  ports 
they  incidentally  and  temporarily  touch  for  the  purpose 
of  delivering  or  receiving  passengers  or  freight.  But  that 
is  because  they  are  not  in  any  proper  sense  abiding  within 
the  limits,  and  have  no  continuous  presence  or  actual  situs 
within  its  jurisdiction,  and  therefore  can  be  taxed  only  at 
their  legal  situs,  their  home  port  and  domicile  of  their 


APPLICATION    OF  THE   LAW. 

We  have  proceeded  with  the  survey  of  all  the  equipment  of 
the  Pennsylvania  Railroad  Company,  the  Central  Railroad  Com- 
pany of  New  Jersey,  the  Erie  Railroad  Company,  and  the  Dela- 
ware, Lackawanna  and  Western  Rlailroad  Company  in  New 
Jersey-New  York  waters,  the  Lehigh  Valley  Railroad,  the  Lehigh 
Transportation  Company,  in  the  belief  that  these  equipments  are 
properly  assessable  in  this  state. 

The  Lehigh  Valley  Railroad  Company,  in  the  56th  Annual 
Report  of  the  Board  of  Directors,  to  the  stockholders,  for  the 


121 

fiscal  year  ending  June   3Oth,    1910,   says,   on  page    12,   under 
special  heading  entitled  "Floating  Equipment" : 

"The  floating  equipment  of  the  company  has  been  thor- 
oughly maintained  and  increased  by  the  purchase  of  17 
coal  barges  and  i  twenty-three-car  steel  float,  which  car 
float  was  built  for  use  in  New  York  Harbor.  Orders  have 
been  placed  for  additional  equipment  consisting  of  2  steel 
car  floats,  a  steel  tug  and  open  lighter  and  barges." 

On  page  47,  is  given  a  statement  of  -all  the  equipment  of  the 
Lehigh  Valley  Railroad  Company,  including  locomotives,  pas- 
senger-train cars,  freight-train  cars,  road  service  and  floating 
equipment;  and,  under  this  last  heading,  is  given  all  the  tugs, 
steam:  barges,  car  floats,  etc.,  operated  by  the  Lehigh  Valley  Rail- 
road Company  or  the  Lehigh  Valley  Transportation  Company  in 
New  Jersey-New  York  waters ;  and  I  suppose  that  a  stockholder 
would  be  entitled  to  believe  that  this  floating  equipment  was 
owned  by  the  Lehigh  Valley  Railroad  Company  in  the  same  man- 
ner as  are  the  locomotives,  cars,  etc.,  listed  on  the  same  page. 

On  page  32,  of  report  referred  to  above,  is  a  statement  of 
"Securities  Owned"  by  the  Lehigh  Valley  Railroad  Company, 
which  says  that  it  owns  all  the  stock  and  all  the  bonds  of  the 
Lehigh  Valley  Transportation  Company ;  and,  in  the  comparative 
income  account  for  the  years  ending  June  3Oth,  1909,  and  June 
3Oth,  1910,  a  deficit  is  shown  from  the  operation  of  this  floating 
equipment.  It  seemts  that  the  title  of  the  Transportation  Company, 
in  this  floating  equipment  is  a  mere  shadow  and  that,  in  fact,  it  is 
owned  and  operated  by  the  Lehigh  Valley  Railroad  Company. 
The  Lehigh  Valley  Railroad  Company  claims  the  ownership  of 
this  floating  equipment  in  their  last  annual  report  to  the  stock- 
holders of  the  Lehigh  Valley  Railroad  Company,  by  giving  a  list 
of  all  the  equipment  and  referring  to  same  as  the  floating  equip- 
ment of  the  Company,"  i.  e.,  the  Lehigh  Valley  Railroad 
Company. 

The  floating  equipment  operated  under  the  title,  "The  Lehigh 
Valley  Transportation  Company,"  is  under  the  direct  super- 
vision of  the  officers  of  the  Lehigh  Valley  Railroad  Company.  It 
is  documented  partly  in  the  Port  of  Perth  Amboy  and  partly  in 


122 

the  Port  of  the  City  of  New  York,  and  a  considerable  portion  is 
not  documented  at  all. 

We  do  not  understand  that  the  local  assessors  of  Perth  Amboy 
attempt  to  assess  any  of  the  floating  equipment  not  documented  in 
that  port  or  operated  directly  from  it.  We  do  not  know  under 
what  circumstances  the  floating  equipment  in  question  was  docu- 
mented partly  in  the  Port  of  Perth  Amboy  and  partly  in  the 
Port  of  the  City  of  New  York  ;  and  it  would  seem  to  indicate  that, 
at  some  time,  the  Lehigh  Valley  Railroad  Company  acknowledged 
the  ownership  of  the  floating  equipment.  The  Federal  Laws 
require  that  all  vessels  shall  be  documented  or  enrolled  at  the 
port  nearest  the  domicile  of  the  owner. 

It  does  not  appear  that  the  floating  equipment  operated  from 
Communipaw  is  assessed  or  taxed  in  any  state. 

The  Lehigh  Valley  Railroad  Company  object  to  the  assess- 
ment of  any  portion  of  this  floating  equipment  by  the  State, 
although  the  floating  equipment  in  question  is  operated  under  the 
direction  and  by  the  authority  of  the  Lehigh  Valley  Railroad 
Company. 

Our  report  includes  all  floating  equipment  operated  by  the 
officials  of  the  Lehigh  Valley  Railroad  Company  as  follows  : 


STATEMENT  OE  FLOATING  EQUIPMENT  OPERATED  BY  THE 
VALLEY  RAILROAD  COMPANY.      NEW  JERSEY-NEW  YORK  WATERS. 


Port     of     City 
of  New  York. 
Tues                                                            ii 

Port  of  Perth 
Amb&y. 

Q 

Not  i 
rolle 

Bar°"es    Schooner       •                       .... 

IS 

Barges     Sloop           

12 

Barges                                 i 

60 

41 

Steam  Lighters     .         5 

Derrick                                                          5 

14 

15 

Grain                                

10 

19 

Car    Floats 

26 

Cattle   Floats                        

5 

Steam    Hoists                               ....       i 

I 

3 

Pile  Derricks,  Work  Boats,  etc.,   .  .      .  . 

23 
Total 

121 

9 

118 
..262 

I23 

TRUE  VALUE  FLOATING  EQUIPMENT. 

After  thoughtful  consideration  of  all  the  conditions  attendant 
upon  the  determination  of  the  true  value  of  the  floating  equip- 
ment of  the  several  railroads,  we  have  concluded  that  we  must 
ignore  the  use  and  occupancy  value,  and  the  bargain  and  sale 
value,  for  we  cannot  segregate  this  equipment  from  the  other 
machinery  of  the  railroad  system  and  consider  what  effect  the 
annihilation  of  such  equipment  would  have  upon  the  railroad  and 
the  multifarious  interests  it  serves.  The  traveler  and  shipper 
are  best  served  by  that  railroad  which  delivers  him  or  his  goods 
safely,  promptly  and  quickly  to  his  or  its  destination.  Conse- 
quently, he  must  consider  that,  for  the  purpose  of  carrying  pas- 
sengers and  freight,  every  part  of  a  railroad  is  of  equal  value 
to  the  passenger  or  shipper  since  every  part  is  necessary  to<  the 
continuity  of  service  which  forms  an  unbroken- line  for  his  con- 
veyance from  start  to  finish. 

If,  perchance,  two  or  more  ferry  boats,  tugs  or  other  impor- 
tant floating  equipment  were  suddenly  destroyed  and  the  loss 
were  sufficient  to  seriously  cripple  the  service,  it  is  likely  that 
the  railroad  would  willingly  pay  a  premium  if,  by  so  doing,  the 
equipment  could  be  promptly  replaced. 

This  use  and  occupancy  value  should,  we  think,  be  considered 
and  appraised,  but  should  not  be  considered  in  our  determina- 
tion of  "true  value"  aside  from  Subdivision  IV.  We  have  en- 
deavored to  determine  the  present  cost  of  production  for  each  of 
the  various  kinds  and  types  of  equipment  and,  with  these  figures 
before  us,  we  have  applied  a  certain  depreciation;  and  we  believe 
that  this  method  gives  the  "true  value,"  or  naked  value,  as 
closely  as  it  is  reasonable  to  establish  value  aside  from  the  ele- 
ments included  in  Subdivision  IV. 


124 

CHAPTER    XV. 

APPORTIONMENT  OF  EQUIPMENT  TO  NEW  JERSEY. 

ASSIGNMENT  OF  ROILING  EQUIPMENT. 

None  of  the  lines  in  this  State,  except  the  Delaware,  Lacka- 
wanna and  Western  Railroad,  reports  distinct  intrastate  accounts 
of  earnings,  operating-  expenses,  ton  miles,  train  miles,  car  miles 
or  any  of  the  elements  of  unit  measurement  which  would  enable 
us  to  definitely  assign  the  various  classes  of  equipment  to  the 
state. 

The  Delaware,  Lackawanna  and  Western  Railroad  shows  its 
revenue  in  the  State  of  New  Jersey.  The  analysis  of  this  road's 
earnings  shows  that,  while  there  is  but  22  per  cent,  O'f  its  entire 
line  within  New  Jersey,  the  operating  revenue  credited  to  this 
state  is  30  per  cent,  of  the  total  earnings.  The  relation  of  all 
tracks  of  the  Delaware,  Laeka  wanna  and  Western  Riailroad  in 
this  state  to  the  entire  line  as  shown  in  the  annual  report  to  the 
Railroad  Commission,  June  3Oth,  1910,  is  as  639.03  miles  (the 
total  in  the  state)  is  2433.9  miles  (the  total  of  all  tracks  for 
the  entire  line),  or  26.25  Per  cent-  m  New  Jersey. 

The  ratio  of  earnings  on  the  Delaware,  Lackawanna  and 
Western  Railroad  in  the  State  to  the  total  earnings,  i.  e.,  30^  per 
cent.,  shows  an  increase  of  27  per  cent,  over  the  percentage  of 
track  within  to  the  percentage  of  track  without  the  state.  If, 
therefore,  we  assign  the  value  of  the  total  equipment  of  the 
Delaware,  Lackawanna  and  Western  Railroad  to  this  state  on 
the  basis  of  revenue  from  operation,  we  will  assign  twenty- 
seven  per  cent,  more  value  than  if  the  single-track  mileage  were 
used  as  the  basis. 

The  ratio  of  all  tracks  to  single  line  is  significant,  showing 
more  nearly  the  capacity  to  do<  business ;  and  this  increase  per  cent, 
over  the  single  line  is  reflected  in  the  earnings.  So  far,  at  least, 
as  the  Delaware,  Lackawanna  and  Western  Railroad  is  con- 
cerned, it  seems  proper  to*  assign  the  value  o<f  equipment  to  the 
State  o>f  New  Jersey  on  a  basis  of  30  per  cent. 


125 

JERSEY  ROADS  LARGER  FREIGHTERS. 

Group  II.,  of  which  New1  Jersey  is  an  influential  factor,  is  the 
most  important  freight-carrying  group  of  all,  the  freight  revenue 
per  mile  of  Group  II.  being  $16,346;  Group  III.  being  the  next, 
with  $9,678;  while  other  sections  of  the  country  fall  far  below. 
Group  II.  is  second  only  to  Group  I.  in  passenger  earnings  per 
mile. 

TRAIN  LOADS  IN  STATE. 

The  gradients  and  alignments  of  the  lines  within  the  state 
generally  are  more  favorable  than  those  without,  and,  conse- 
quently, the  train  loads  are  at  their  maximum  within  the  state. 


TRAFFIC  DENSE. 

The  single  track  in  Group  II.  is  10.3  per  cent,  of  the  entire 
mileage  of  the  country,  while  the  mileage  of  all  tracks  in  Group 
II.  is  14.6  per  cent,  of  all  tracks.  Comparing  the  locomotive 
mileage  with  the  single-track  mileage,  per  cent.,  we  find  that  the 
freight-locomotive  mileage  in  Group  II.  is  23.3  per  cent,  of  the 
whole;  the  passenger-locomotive  mileage,  21.8  per  cent;  the 
switching  mileage,  26  per  cent.,  and  the  average  o>f  all  classes  of 
locomotive  mileage,  23  per  cent.  This  indicates  that  traffic  in 
Group  II.  is  denser  than  in  >any  other  group,  and,  consequently, 
the  percentage  of  equipment  used  in  the  state  is  larger  than  the 
percentage  of  either  the  single  tracks  or  the  total  tracks  would 
indicate. 

COMMERCIAL  VALUATION. 

The  Department  of  'Revenue  and  Labor  published  a  report,  in 
1905,  entitled  "Bulletin  21,  Commercial  Valuation  of  Railway 
and  Operating  Property."  This  report  divides  interstate  roads 
into  states  and  places  a  valuation  on  all  railroad  in  each  state. 


126 
COST  OF  PRODUCTION  AS  BASIS  OF  APPORTIONMENT. 

The  conclusion  reached  was  that  the  cost  of  reproduction,  in 
many  respects,  affords  the  most  satisfactory  basis  for  the  solu- 
tion of  the  problem  of  apportioning-  railway  values  among  states, 
and  that  the  net-earning  basis  stands  for  the  solution  of  the  prob- 
lem of  apportioning  railway  values  among  states,  and  that  the 
net-earning  basis  stands  next  in  favor.  It  was  found  impractical 
to  use  either  of  these  methods.  Neither  the  time  nor  the  money 
was  available  for  ascertaining  the  cost  of  production  The  net 
earnings,  by  states,  could  not  be  determined  with  any  degree  of 
accuracy.  The  gross-earning  basis  for  the  distribution  of  values 
was  adopted. 

GROSS  EARNINGS  AS  BASIS  OF  APPORTIONMENT. 

This  plan  is  faulty,  for  the  reason  that  many  of  our 
largest  railroad  systems  do  not  attempt  to  separate  their 
revenues  and  operating  expenses  into  states  and,  where  required 
to  report  state  business  to  the  Railroad  Commission,  the  track- 
mile  basis  is  generally  used.  In  many  cases,  recourse  was  had 
to  all-track  mileage,  and  it  seems  that,  when  finally  analyzed,  the 
commercial  valuation  referred  to  was  based  on  all-track  miles. 


SINGLE-TRACK  MILES  AS  BASIS  OF  APPORTIONMENT. 

According  to  the  single-track  basis  of  apportioning  interstate 
roads  to  a  state,  we  assume  that  the  traffic  capacity,  density  of 
traffic,  tonnage,  etc.,  are  not  affected  by  the  number  of  parallel 
lines  of  track;  and,  while  we  are  not  justified  in  saying  that  a 
double  track  will  necessarily  carry  twice  the  business  of  a  single 
track  if  properly  signaled,  its  capacity  is  greater  than  twice  the 
capacity  of  single  track.  Professor  Meyers  says : 

"Someone  has  been  bold  enough  to  suggest  the  formula, 
that  the  traffic  capacity  of  a  railway  varies  directly  with 
the  square  of  the  number  of  tracks — a  second  track,  for 


127 

instance,  representing1  four  times  the  capacity  to  move 
traffic;  a  fourth  track,  sixteen  times  the  capacity  o>f  a 
single  track." 

AIS  before  stated,  we  should  know  the  locomotive  and  car  miles, 
and,  in  the  absence  of  such  mileage,  we  must  use  track  miles. 


NET  EARNINGS  AND  REPRODUCTION. 

Net  surplus  from  operation  used  conjointly  with  the  cost  cf 
reproduction  O'f  the  permanent  way  and  the  personal  property, 
exclusive  of  the  land,  plus  the  present  value  of  the  land,  seems 
to  represent  the  true  value;  and  if  it  were  possible  to  separate 
the  earnings  and  expenses  by  states,  the  determination  and  the 
apportionment  of  value  would  be  simplified;  as  net  earnings  and 
reproduction  cost  supplement  each  other  and,  where  one  fails,  the 
other  supplies,  each  contributing  what  the  other  cannot  furnish. 


BASIS  OF  APPORTIONMENT  OF  EQUIPMENT. 

We  have  given  careful  consideration  to>  the  several  bases  for 
apportioning  interstate  railway  values  to  states- — such  as  single- 
track-mileage  basis,  all-track  mileage,  funded  and  other  debts, 
station  population,  car  mileage,  cost  of  construction,  density  of 
traffic,  gross  earnings,  net  earnings  and  cost  of  reproduction  at 
this  time.  We  believe  that  the  proper  basis  to  adopt,  in  the  ab- 
sence of  information  giving  car  miles  an  actual  intrastate  earn- 
ings and  operating  expenses,  is  the  miles  of  all  tracks  of  each 
road  in  the  state  as  related  to  the  miles  of  all  tracks  for  the  entire 
line. 

The  States  of  Michigan,  Wisconsin  and  Minnesota  made  an 
apportionment  of  equipment  supposedly  on  car  mileage  within 
and  without  the  State;  but,  since  no  such  division  of  car  mileage 
is  kept  in  this  State,  and  must  be  determined  by  some  empirical 
rule,  it  is  better  to  adopt  the  empirical  rule  direct. 


128 

CHAPTER  XVI. 

TRACK  VALUATIONS. 
BY  Louis  FOCHT,  CHI'EF  ENGINEER. 

For  purposes  of  determining  track  valuations  the  ordinary 
methods  usually  adopted  for  other  structures  cannot  altogether 
be  applied,  for  the  reason  that  track  whenever  continued  in  use 
must  be  maintained  in  such  condition:  that  it  is  fit  for  the  service 
required.  Renewals  must  therefore  be  made  at  such  intervals  as 
are  necessary  to  prevent  its  condition  falling  below  a  certain 
average  or  standard. 

The  component  parts  going  to  make  up  a  section1,  of  track 
includes  the  rails,  ties,  splices,  bolts,  tie  plates,  ballast  and  labor. 
The  renewal  of  these  parts  is  not  made  simultaneously,  as  each 
has  a  different  life,  and  the  history  of  each  is  represented  by  a 
series  of  independent  recurring  cycles,  which  together  make  up 
the  whole  and  produce  an  approximately  uniform  average. 

The  following  table  shows  the  life  of  the  principal  track 
materials  under  Main  Line  service  within  the  state  as  reported 
by  the  principal  Railroads.  The  statements  are  apparently  to 
some  extent  general  estimates  and  for  that  reason  probably  open 
to  some  variations.  They  serve,  however,  as  a  guide. 

Name  of  Road.  Rails,  Life.  Ties,  Life.  Stone  Ballast. 

Erie    R.    R.,     6  years  6  years  10%  renewed  per  year 

Lehigh  Valley  R.  R.,    . . .  .  9      "  10      "  6% 

Lackawanna   R.    R.,    5  7  6% 

Reading    R.    R., 6      "  8      "  13% 

Pennsylvania   R.    R., 8  6l/2  "  9% 


Average,    6.80  years        7.50  years     8.80%  renewed  per  year 

RAILS. 

Main  Line  rails  are  replaced  whenever  they  become  unfit  for 
further  service,  either  from  loss  by  wear  and  corrosion,  from 


129 

impairment  of  the  surface,  battering  of  the  heads,  or  other 
imperfections. 

The  amount  of  loss  permitted  before  making-  renewals  varies, 
frequently  it  is  a  trifle  less  than  3.00%  and  rises  to  nearly 
10.00%,  although  in  the  majority  of  cases  it  seldom  reaches 
this  latter  figure. 

On  one  road,  in  twenty-four  cases,  100  pounds  Bessemer 
rails  showed  a  minimum'  wear  of  2.25-%  and  a  maximum  of 
9.39%,  with  an  average  loss  o<f  4.42'%  at  the  time  of  replace- 
ment. A  record  of  six  extreme  cases  on  another  road  shows 
losses  from  90  pounds  Openi  Hearth  and  Nickel  Chrome  rails, 
ranging  from  7.07%  to  13.06%,  with  an  average  of  8.82%. 
In  the  case  where  the  loss  amounted  to  13.06%  an  extreme  con- 
dition was  represented,  and  these  rails  were  worn  to  such  an 
extent  that  they  could  not  be  classed  as  Relayers,  but  only  as 
Scrap  when  removed  from  the  track. 

Another  prominent  road  classifies  rails  as  "Relayers"  when  a 
loss  of  8.00%  from  the  original  section  has  taken  place. 

In  computing  these  estimates  the  assumption  has  been  made 
that  rails  when  removed  from  Main  Line  service  can  be  classed 
as  Relayers;  that  the  average  loss  in  weight  has  been  10.00%  of 
the  original,  and  that  10.00%  of  the  rails  taken  out  of  Main 
Line  service  are  fit  only  to  be  classed  as  Scrap,  leaving  90.00% 
fit  for  Relayers.  The  first  of  these  is  liberal  and  undoubtedly 
warranted  by  the  facts.  The  second  had  necessarily  to  be  an 
assumption,  as  no  exact  figures  are  available  for  use  as  a. guide; 
however,  it  is  considered  to  represent  a  fair  average. 

While  a  considerable  mileage  of  track  has  been  laid  in  the 
State  with  special  grades  of  steel,  such  as  Open  Hearth,  Nickel 
Chrome,  Ferro  Titanium,  etc.,  costing  from  $2.00  to  $5.00  per 
ton  more  than  "Bessemer,"  these  "Steels"  have  not  been  con- 
sidered in  the  estimates  for  the  reason  that  they  have  not  been 
in  service  a  sufficient  length  o-f  time  to  demonstrate  entirely 
their  efficiency,  nor  has  their  use  become  sufficiently  general  to 
warrant  classing  them  with  the  "Standards." 

The  price  of  "New  Bessemer  Rails"  has  been  taken  at  $30.00 
per  gross  ton  delivered,  made  up  as  follows : 


130 

Price  per  ton  at  mills  of  new  rails,   $28.00  per  gross  ton 

Transportation,  say  400  miles  @  4/ioc.,    1.60     "        "        " 

Cost    of    distribution,    40    "        "        " 


Cost  delivered  on  ground,    $30.00  per  gross  ton 

The  average  market  price  of  Relayers  delivered  has  been 
taken  at  $23.00  per  gross  ton.  Considering  the  loss  in  weight 
by  wear  and  corrosion  to  be  10.00%,  and  that  10.00%  of  the 
Relayers  taken  out  of  the  track  are  fit  only  for  Scrap.  One  ton 
of  New  rail  is  therefore  equal  to  0.90  ton  of  Relayers  and  Scrap. 
If  10.00%  of  the  rails  taken  out  are  Scrap,  for  every  original  ton 
put  in  the  track  the  following  value  results : 

0.09  tons  Scrap,  @  $15.35,   $1.38 

0.81  tons    Relayers,    @   $23.00,    18.63 ' 


$20.01 
Less   transportation   50   miles    @   5/ioc.,       25 


$19.76 

Therefore  the  value  of  each  ton  of  Relayers  taken  out  of  the 
track  in  terms  of  the  original  weight  is  $19.76. 

The  value  of  each  ton  of  rails  will  therefore  periodically 
fluctuate  from  $30.00  per  ton,  immediately  after  a  renewal,  to 
$19.76  immediately  before  renewal,  as  shown  below  by  the 
sketch,  and  from  which  it  is  also  seen  that  the  value  varies  from 
ioo'%  to  65.87%,  the  average  being  82.93%,  or  $24-88  per 
gross  ton. 


:oo\ 


8 


in  cJ 
loco 

ii      d 
II     £ 

C 


F  Y  z 

P  E5 

z      < 

i  2 tf 
i!8 

6    I-    ii 

5     3 


?     < 

8lD  K^ 
(V.  <0 

C)  o> 
K)   - 


)<-•  - 


132 

The  fluctuations  of  the  values  for  splices,  bolts,  spikes  and  tie 
plates  follow  the  same  general  laws  as  for  rails,  whereby  the 
average  value  lies  midway  between  the  maximum  and  minimum 
values,  which  are  in  turn  governed  by  the  market  prices  of  new 
material  and  Scrap,  being  therefore  entirely  independent  of  life. 
On  the  other  hand,  the  values  of  ties  and  ballast  follow  some- 
what different  laws,  in  which  the  life  of  the  material  becomes 
a  factor. 


TIES. 


According  to  the  reports  of  the  railroad  companies,  the  mini- 
mum life  of  untreated  ties  is  six  years  and  the  maximum  ten 
years,  with  an  average  of  7.50  years.  An  average  life  of  eight 
years  has  been  assumed  for  the  calculations  partly  for  the  sake 
of  using  even  figures,  but  mainly  to  be  conservative. 

With  a  life  of  eight  years  the  annual  renewals  amount  to 
360  ties  per  mile  (assuming  2,880  ties  per  mile).  The  following- 
diagram  therefore  illustrates  in  eight  groups,  or  yearly  periods, 
the  various  stages  in  the  life  of  a  tie.  The  vertical  lines  show 
the  value  O'f  each  group  in  per  cent,  of  the  original  value  for 
each  of  the  eight  periods. 

When  the  original  value  is  taken  immediately  after  renewals 
have  been  made,  or  beginning  with  100%  and  terminating  with 
12.50%,  a  general  value  of  56.25%  is  found,  being  6.25%  above 
the  average. 

Should  the  initial  value  be  taken  immediately  before  renewals 
have  been  started,  the  value  for  the  first  yearly  period  will  be 
87-5°%  with  a  final  value  of  zero,  giving  a  general  value  of 
4375%  or  6.25%  below  the  average. 


133 


134 

In  the  above  diagram  the  renewals  have  been  considered  in 
annual  groups  of  360  ties  and  if  made  at  one  time  the  value  of 
the  ties  in  one  mile  of  track  will  be  represented  by  either  of  the 
stepped  lines,  above  or  below  the  line  A.  B.,  depending  upon 
whether  the  initial  value  at  the  first  period  has  been  assumed 
after  or  before  renewals  are  made,  or,  in  other  words,  whether 
taken  at  100%  or  87.50%. 

Consequently  where  the  life  of  ties  is  assumed  to  be  eight  years 
and  the  renewals  made  in  annual  groups  of  360,  the  value  will 
be  either  56.25%  or  43-75%,  depending  upon  the  time  when 
taken  under  consideration. 

Therefore,  if  the  time  be  taken  immediately  after  annual 
renewals  the  value  will  be  6.25%  above  the  average;  if,  on  the 
other  hand,  it  is  taken  before  renewals  have  been  made,  the  value 
will  be  6.25%  below  the  average. 

The  result  of  observations  indicates  the  first  value,  or  56.25'  '< 
to  represent  more  nearly  the  truth,  as  the  usual  condition  of  ties 
in  track  is  rather  above  than  below  50.0%. 

Frequently,  however,  the  renewals  continue  throughout  the 
entire  season,  the  worst  spots  being  taken  care  of  first  and  the 
work  continuing  at  intervals  until  completed.  This  condition  of 
affairs  tends  to  increase  the  number  of  renewal  periods,  thus 
decreasing  the  width  of  the  steps  or  renewal  periods,  and  thereby 
causing  the  upper  and  lower  stepped  lines  to  more  closely 
approach  the  average  line  A.  B.,  the  final  limit,  and  virtually 
coincide  with  it.  The  average  value  in  this  event  will  therefore 
lie  between  100%  and  zero,  or  at  50.0%. 

To  be  fair,  and  at  the  same  time  have  values  rather  below  than 
above  the  truth,  an  average  of  50.0%,  or  the  value  resulting  from 
this  last  assumption,  has  been  made,  although  observation  would 
indicate  that  the  true  value  is  6.25%  higher. 


BALLAST. 

The  percentage  of  stone  ballast  annually  replaced,  as  reported 
by  five  of  the  leading  roads  in  this  State,  ranges  from  6.0%  to 
13.0%,  the  average  being  8.80%. 


These  percentages  do  not  represent  the  amount  of  ballast 
actually  placed  in  the  track  each  year,  but  the  annual  rate  of 
replacement. 

To  annually  replace  the  Amount  reported  would  not  generally 
be  feasible  and  as  a  rule  is  not  done.  The  quantity  of  ballast 
put  in  during  a  year  being  confined  to  small  isolated  spots,  the 
amount  is  comparatively  insignificant. 

According  to  the  records  of  one  prominent  road,  for  a  section 
extending1,  over  100  miles  of  Main  Line,  2ti%  of  stone  ballast 
was  replaced  during  a  period  extending  from  three  to  five  years, 
or  an  annual  replacement  ranging  from  6-2/3%  to  4%. 

The  annual  rate  of  renewal  as  reported  by  the  railroad  com- 
'panies  ranges  from  6.0%  to  13.0%.  If  a  three-year-renewal 
period  is  taken,  the  amount  replaced  in  this  time  will  vary  frpm 
18.0%  to  39.0%,  or  a  variation  of  over  100%.  This  wide  differ- 
ence can  only  be  accounted  for  by  the  variation  in  the  life  between 
ballast  made  from  different  kinds  of  rock,  differences  in  condition 
of  service,  etc. 

In  computing  the  estimates  the  renewal  period  has  been  fixed 
at  three  years  and  the  annual  rate  of  replacement  at  10.0%,  thus 
making  the  amount  for  each  period  30.0% .  This  assumption  is 
conservative  and  it  is  believed  will  give  results  rather  below  than 
above  the  truth. 

In  addition  to  loss,  there  is  a  deterioration  in  the  quality  of 
ballast  due  to  the  fact  that  the  lower  portions  have  become  mixed 
with  mud  through  contact  with  the  roadbed  from  abrasion  and 
other  causes. 

No  statistics  are  available  to  show  what  this  amounts  to, 
therefore  an  assumption  had  to-  be  made  and  for  these  estimates 
it  has  been  placed  at  10%. 

The  following  diagram  will  perhaps  more  clearly  illustrate 
in  a  concrete  form  these  deductions : 


136 


137 

The  average  is  accordingly  found  to  be  75%  of  the  "Initial 
Value." 

LABOR. 

The  original  charge  of  "labor,  laying  and  surfacing,"  after 
once  entering  into  the  construction  of  a  piece  of  track,  remains 
there  as  the  invisible  element  going  to  make  up  its  cost.  So 
long  as  the  track  remains  in  service  and  is  properly  maintained, 
this  element  remains  with  apparently  no  depreciation.  Unlike 
the  rails,  ties  and  other  tangible  materials  entering  into  the  con- 
struction, where  the  changes  in  condition,  due  to  depreciation, 
are  apparent  to  the  eye,  this  item  continually  remains  invisible. 
It  is  charged  but  once  and  still  remains  as  part  of  the  original 
cost,  as  all  labor  charges,  after  operation  has  once  begun,  go 
into  the  "Maintenance  Account." 

Should  the  track  be  abandoned,  the  rails,  ties,  spikes,  etc., 
each  retain  a  certain  market  value,  and  collectively  represent 
whatever  commercial  value  remains.  The  original  labor  charge, 
however,  vanishes  with  the  abandonment  of  the  track,  and  for 
this  reason  should  remain  so'  long  as  it  is  in  service. 

Whether  the  charge  should  continue  undiminished  may  be 
open  to  some  question,  and  to  a  large  extent  can  only  be  one 
of  opinion. 

The  claim  might  be  advanced,  and  with  some  force,  that  a 
portion  of  this  labor  at  least  should  vary  to  a  certain  extent  with 
the  condition  of  the  track  materials.  This  claim  being  founded 
on  the  theory  that  a  purchaser  about  to  consider  taking  over  a 
railroad  property  at  a  time  when  track  renewals  are  needed, 
would  certainly  make  a  reduction  in  his  estimate  of  its  value  to 
the  extent  of  the  necessary  outlay  required  to  bring  the  track 
to  normal  condition;  and  furthermore,  while  this  reduction  had 
been  considered  in  valuing  the  materials,  an  allowance  should 
also  be  made  in  the  labor,  particularly  in  that  portion  applicable 
to  the  laying  and  handling  of  rails,  because  the  portion  below 
the  level  of  the  rails  is  seldom  touched  to  any  extent  at  such 
times,  thereby  leaving  the  surface  undisturbed  and  consequently 
necessitating  no  expenditure  for  labor  on  that  portion. 


138 

On  the  other  hand,  should  the  contemplated  purchase  occur 
at  a  time  immediately  after  renewals  have  been  made,  no  deduc- 
tion should  be  made  as  the  track  is  presumably  at  "Normal 
Value." 

Against  this  claim,  however,  will  always  stand  the  fact  that 
operations  once  begun,  all  future  labor  charges  enter  at  once 
into  the  maintenance  account,  and  should  any  portion  of  the 
original  labor  charge  be  depreciated,  for  whatever  cause,  it  is 
immediately  offset  or  replaced  by  a  maintenance  charge  of  like 
kind,  and  would  therefore  apparently  continue  undiminished 
while  the  track  remains  in  service. 

The  question  at  best  is  considerably  involved,  and  to  offset 
any  argument  which  might  be  advanced  to  the  contrary,  the 
assumption  has  been  made  in  the  estimates  that  the  labor  for 
surfacing  remains  undiminished  in  value,  and  that  this  item 
amounts  to  one-half  of  the  total  charge  for  ''labor,  laying  and 
surfacing,"  that  the  other  half,  or  the  "labor  laying,"  fluctuates 
in  value  between  100%  and  zero,  thus  giving  an  average  value  of 
50%  for  that  portion  of  the  labor  applicable  to  the  laying  of  the 
rails,  and,  therefore,  an  average  value  on  whole  of  75%  of  the 
total.  While  no  convincing  argument  can  seemingly  be  advanced 
for  doing  this,  still,  to  be  conservative,  it  has  been  made  as  a  con- 
cession and  not  in  the  nature  of  an  admission  that  the  premises 
upon  which  the  argument  is  founded  are  correct. 

T;he  following  tables  give  the  prices  of  the  track  materials, 
scrap,  etc.,  which  have  been  the  basis  of  the  estimates.  The 
market  prices  of  the  materials  are  averages  covering  a  five- 
year  period  as  shown  by  the  diagrams  attached,  all  of  which 
are  apparently  sufficiently  clear  to  require  no  further  explanation. 

TURNOUTS    AND    CROSSOVERS. 

The  "Value  New"  for  Turnouts  and  Crossovers  does  not 
represent  the  gross  value,  but  only  the  value  over  and  above 
that  of  the  straight  track  at  the  given  point.  This  method  has 
been  adopted  to  avoid  the  necessity  of  splitting  the  straight,  or 
through  tracks,  into  sections  where  turnouts  and  crossovers  occur, 


139 

thus  making  it  possible  to  estimate  the  straight,  or  through 
tracks,  in  continuous  stretches,  regardless  of  Turnouts  or  Cross- 
overs, and  the  Turnouts  or  Crossovers  as  single  or  separate 
''Plants,"  so-  to  speak.  By  the  adoption  of  this  method  the  work 
of  estimating  is  simplified,  complications  avoided,  and  the  possi- 
bility of  duplication  and  errors  largely  avoided. 

The  "Averag-e  Values"  of  the  material  entering  into  the  con- 
struction of  Turnouts  and  Crossovers  have  been  arrived  at  in 
a  manner  similar  to  that  adopted  for  "Straight  Track,"  that  is 
by  averaging-  the  "Value  New"  with  the  "Salvage  Value." 

The  fact  that  but  a  very  small  proportion  of  the  Turnout 
material  after  being  taken  out  of  Main  Line  service  can  be 
utilized  in  sidings  and  yards,  owing  to  the  difference  in  design, 
etc.,  necessarily  regulates  the  bulk  of  this  material  to  the  scrap 
pile,  after  it  has  outlived  its  usefulness  in  Main  Track  service. 
Furthermore,  in  the  case  of  yard  tracks,  the  material  is  allowed 
to  remain  in  service  until  entirely  worn  out  and  having  a 
Scrap  Value  only.  For  the  above  reasons,  the  "Salvage  Value" 
of  Turnout  and  Crossover  material  has  been  considered  as  the 
"Scrap  Value." 

"Manganese"  or  "Manard"  Frogs,  owing  to  the  fact  that  they 
are  only  used  where  very  light  angles  are  necessary  and  for  this 
reason  as  a  rule  are  useless  for  yard  service  after  having  been 
removed  from  the  Main  Tracks,  can  therefore  only  be  classed  as 
scrap  along  with  the  other  materials. 

Following  these  assumptions,  the  "Average  Value"  of  Frogs, 
Switches,  Guard  Rails,  Switchstands  and  other  accessories,  has 
been  found  to  vary  from  59.0  per  cent,  of  the  original  cost,  in  the 
case  of  Frogs,  to  66  per  cent,  in  the  case  of 'Guard  Rails,  but  as 
the  Standards  in  use  on  different  roads  vary  considerably,  the 
average  value  considered  in  making  these  estimates  has  been  60.0 
per  cent,  of  the  original  cost. 

The  values  of  new  Frogs,  Switch  Points,  Guard  Rails,  etc  , 
used  in  these  estimates,  have  been  based  upon  the  quotations  fur- 
nished by  different  manufacturers,  and  while  they  are  apparently 
somewhat  below  the  price  o>f  some  roads,  on  the  other  hand  they 
are  higher  than  those  for  other  roads,  owing  to  differences  in 


140 

design,  quality,  etc.  On  the  whole,  however,  those  adopted  seem 
to  represent  a  fair  average. 

''Bessemer  Rail"  Frogs  have  been  considered  in  the  estimates 
of  all  No.  6  and  No.  12  Turnouts,  Estimates  for  No.  15  and 
No.  20  Turnouts  have  been  based  on  the  use  of  Manganese 
Frogs ;  as  these  latter  are  used  almost  exclusively  at  Interlocking 
Plants  where  high  speed  movement  from  one  track  to  another 
is  called  for,  and  are,  therefore,  almost  invariably  equipped  with 
these  Frogs. 

The  estimates  for  Turnouts,  Crossovers,  etc.,  are  based  on  the 
use  of  new  rail  for  100  Ib.  and  90  Ib.  equipment,  and  on  the  use 
of  "Relayers"  for  80  Ib.  and  60  Ib.  equipment,  as  the  use  of  most 
of  the  lighter  pattern  of  switches  is  confined  to  yards  and  sidings 
where  only  a  small  proportion  of  new  rails  of  these  lighter  types 
is  now  used. 

Switch  Stands  vary  in  price  from  $4.50  for  Ground  Levers  to 
$16.50  for  high  Automatic  Stands.  Between  these  extremes 
there  are  a  number  of  styles  in  use.  An  average  value  of  $12.00 
has  been  adopted  for  the  estimates  as  corresponding  more  nearly 
to  the  value  of  the  majority  of  the  Switch  Stands  in  use.  No 
Switch  Stands,  however,  have  been  considered  in  the  estimates 
for  No.  15  and  No.  20  Turnouts,  as  these  Turnouts  are  almost 
universally  connected  with  Interlocking  Plants. 


CROSSINGS. 

The  cost  of  "Manganese''  Crossing  Frogs  is  about  twice  that 
of  "Bessemer"  Steel.  The  average  value  of  these  frogs  is  found 
to  be  56  per  cent,  of  the  cost.  This  percentage  has  been  obtained 
by  considering  the  frogs  as  worth  nothing  but  scrap  value  after 
removal  from  the  track,  and  as  all  Crossing  Frogs  are  of  special 
design,  suitable  only  to  be  used  at  the  particular  crossing  for 
which  they  happen  to  be  designed,  the  assumption  therefore  ap- 
pears justifiable. 

The  values  given  in  the  estimates  represent  the  "Net  Value" 
of  the  crossing  over  and  above  that  oi  the  straight  track ;  there- 
fore, in  estimating,  the  Main  Tracks  can  be  taken  continuously 


141 

through  the  crossing  without  break,  and  the  crossing  value 
added,  thus  simplifying  the  work  and  reducing  the  possibility  for 
errors. 

The  values  of  Slip  Switches  are  given  in  the  tables  at  a  rate 
per  linear  foot.  This  value  includes  that  O'f  the  "Ladder  Track," 
Slips,  Frogs,  etc.,  but  not  the  value  of  the  through  or  parallel 
tracks. 

In  making  these  estimates  the  aim  has  been  to  adapt  them  as 
nearly  as  possible  to  the  various  types  of  track  found,  and  at  the 
same  time  cover  the  field  with  the  minimum  number  uf  classes. 
With  this  end  in  view,  the  character  O'f  the  track  construction  on 
all  of  the  principal  roads  was  critically  analyzed,  with  the  result 
that  eleven  cases  were  adopted. 

For  every  one  of  these  different  classes,  separate  estimates  have 
been  made  for  each  weight  of  rail,  one  hundred  and  seventy-two 
in  all. 

Turnouts,  Crossovers,  Crossing  and  Slip  Switches  were  inves- 
tigated in  a  similar  manner,  involving  the  computation  of  one 
hundred  and  twenty-four  separate  estimates. 

While  minor  imperfections  can  probably  be  found  in  the  work, 
it  is  believed  that  the  results  represent  the  average  values  of  all 
classes  of  track  with  a  sufficient  degree  of  accuracy  for  all  prac- 
tical purposes. 


142 

CHAPTER  XVII* 

THE  CANALS  OF  NEW  JERSEY. 

The  canals  of  New  Jersey  represent  an  obsolete  method  of 
commercial  transportation  and,  since  there  has  been  much  public 
debate  on  the  canal  subject,  we  have  included,  in  the  body  of  our 
report,  a  general  description  of  the  canal  properties  under  the 
titles,  "The  Delaware  and  Raritan  Canal  Company"  and  "The 
Morris  Canal  and  Banking  Company." 

While  neither  of  these  canals  as  now  built  and  operated  is 
adapted  to>  compete  with  railroad  transportation,  the  conditions 
attendant  upon  the  construction,  the  water  supply  and  the  opera- 
tion of  these  canals  are  widely  different.  The  Delaware  and 
Raritan  Canal  has  a  general  cross  section  of  80  feet  in  width  at 
surface  of  water  and  40  feet  at  bottom,  with  a  depth  of  7^/2  feet. 
This  offers  opportunity  for  traffic  of  units  o>f  at  least  twice  the 
capacity  of  the  units  of  the  Morris  Canal,  the  cross  section  cf 
which  averages  42  feet  at  surface  and  16  feet  at  bottom,  with 
a  depth  of  5%  feet. 

The  Delaware  Canal  can  be  enlarged  to  at  least  twice  its  ca- 
pacity, within  reasonable  cost,  and  there  is  sufficient  water  supply 
to  accommodate  this  additional  enlargement. 

Operation  of  the  Morris  Canal,  with  its  present  small  capacity, 
is  frequently  hampered  by  lack  of  water  and  there  is  no  apparent 
method  O'f  increasing  the  supply;  consequently,  there  is  no  pos- 
sibility O'f  enlarging  the  capacity  of  the  transportation  units. 
This  supply,  if  used  for  furnishing  potable  water,  may  prove  to 
be  of  greater  value  to  the  people  of  this  State  than  it  could  pos- 
sibly be  if  used  simply  to  float  obsolete  canal  boats,  and  waste 
into  the  Passaic  River. 

THE  DELAWARE  AND  RARITAN  CANAL  COMPANY. 

HISTORY. 

The  Delaware  and  Raritan  Canal  Company  and  the  Camden 
and  Amboy  Railroad  Company  were  chartered  February  4th, 


143 

1830,  the  former  to  construct  a  canal  to  connect  the  Delaware 
and  Raritan  Rivers  and  the  latter  to  build  a  railroad  from  the 
Delaware  River  to  Raritan  Bay.  In  February,  1831,  an  act  was 
passed  authorizing-  the  consolidation  of  the  capital  stocks  of  these 
two  companies.  Thus  they  were  practically  consolidated  al- 
though nominally  distinct  corporations.  Their  affairs  were  man- 
aged jointly  by  the  directors  o-f  both  companies,  and  they  were 
to  share  equally  in  the  profits.  The  main  lines  of  the  railroad 
and  canal  were  completed  in  1834  and  the  branches  in  1838.  In 
1836,  the  joint  companies  acquired  a  controlling  interest  in  the 
stock  of  the  Philadelphia  and  Trenton  Railroad  Company  and 
entered  into  an  agreement  with  that  company  for  an  equal  divi- 
sion of  their  joint  profits. 


UNITED  NEW  JERSEY  RAILROAD  AND  CANAL  COMPANY. 

In  January,  1867,  an  agreement  was  entered  into  between  the 
united  companies  and  the  New  Jersey  Railroad  and  Transporta- 
tion Company,  which  owned  the  line  between  New  Brunswick 
and  Jersey  City,  forming  a  link  in  the  through  New  York-Phila- 
delphia route,  for  a  consolidation  of  interests,  Under  this  agree- 
ment, the  profits  were  equally  divided  among  the  four  companies, 
viz.,  the  Delaware  and  Raritan  Canal  Company,  the  Camden  and 
Amboy  Railroad,  the  New  Jersey  Railroad  and  Transportation 
Company  and  the  Philadelphia  and  Trenton  Railway  Company. 


LEASE  TO  PENNSYLVANIA  RAILROAD  999  YEARS. 

On  June  3Oth,  1871,  the  entire  property  was  leased  to  the 
Pennsylvania  Railroad  Company  for  999  years,  the  lessee  receiv- 
ing all  assets,  assuming  all  obligations  and  guaranteeing  the 
united  companies  an  annual  rental  equal  to  the  10  per  cent,  of  the 
aggregate  capital  stock,  and  an  equal  rate  of  dividends  to  the 
Philadelphia  and  Trenton  Railway  Company.  This  lease  was 
confirmed,  by  a  special  act  of  the  Legislature,  in  1873. 


144 

DESCRIPTION. 

The  canal  extends  from  Bordentown,  in  Burlington  county, 
northeastwardly  through  Trenton,  passing  east  of  Princeton  and 
west  of  the  main  line  o<f  the  .Uinited  New  Jersey  Railroad  and 
Canal  Company's  main  (P.  R.  R.)  tracks  to  Bound  Brook,  36.23 
miles;  where  it  turns  southeastwardly,  following  the  valley  of 
the  Raritan  River,  to  New  Brunswick,  a  total  distance  of  44 
miles.  The  main  feeder  leads  out  of  the  Delaware  River  at 
Ravenrock,  22.85  miles  northwest  of  Trenton,  and  joins  tne 
main  canal  at  Trenton. 

The  topography  of  the  country  traversed  is  easy  and  there  are 
no  important  elevations  to  overcome.  There  are  thirteen  locks, 
having  a  total  length  of  210  feet  each;  width  of  clear  pass  23  1-3 
feet ;  draught  o-f  water  allowed,  7  feet. 

RATES  OF  TEAM  TOWAGE  ON.  THE  CANAL  PAYABLE  TO  THE 
CONTRACTOR  ON  THE  LINE  OF  THE  CANAL. 

RATES  OF  TEAM  TOWAGE. 

"Between  Bordentown  and  New  Brunswick,  boats  not 
exceeding  150  tons  capacity,  $7.00  each  way,  and  for 
cargo  six  cents  per  ton  additional.  Boats  exceeding  150 
tons  capacity,  $10.00  each  way,  and  for  cargo  six  cents 
per  ton  additional. 

"Between  Trenton  and  New  Brunswick,  boats  less  than 
1 50  tons  capacity,  $6.00  each  way,  and  for  cargo  six  cents 
per  ton  additional.  Boats  exceeding  150  tons  capacity, 
$7.00  each  way,  and  for  cargo  six  cents  per  ton  additional. 

"Boats  exceeding  150  tons  capacity,  $3.00  each  way 
and  i  cent  per  ton  additional  for  the  cargo-. 

"Boats  of  less  than  150  tons  capacity,  $2.50  each  way 
and  i  cent  per  ton  additional  for  the  cargo. 

"Between  Bordentown  and  Kingston  (or  Rocky  Hill), 
boats  exceeding  150  tons  capacity,  $5.00  each  way  and 
three  cents  per  ton  additional  for  the  cargo. 


'45 

''Boats  of  less  than  150  tons  capacity,  $3.50  each  way 
and  three  cents  per  ton  additional  for  the  cargo-. 

"These  same  rates  also  apply  for  boats  towing  between 
New  Brunswick  and  Kingston  (or  Rocky  ffill). 

"Between  Trenton  and  Kingston  (or  Rocky  Hill), 
boats  of  miore  than  150  tons  capacity,  $3.33  each  way 
and  two  cents  per  ton  additional  for  the  cargo. 

"Boats  of  less  than  150  tons  capacity,  $2.33  each  way 
and  two  cents  per  ton  additional  for  the  cargo." 


FINANCIAL. 

The  canal  earned  $508,507.75  net  in  1872,  which  fell  to  $36,- 
949.38  in  1891.  This  dropped  suddenly  to  $9.70.54,  in  1892,  and 
the  first  deficit  was  encountered  in  1893  an'd  was'  $I4>329-°1- 
This  excess  of  expenses  over  earnings  has  continued  each  year. 
In  1909,  the  deficit  was  $125,993.92.  The  gross  earnings  and 
expenses  for  the  years  1872  to  1909,  both  inclusive,  were  $20,- 
074,874.44  and  $15,738,584.35,  respectively,  leaving-  net  earnings 
of  $4,336,290.09.  The  tonnage  has  dropped  from  2,837,532 
tons,  in  1872,  to  401,231  tons,  in  1909',  a  shrinkage  of  86  per 
cent.  The  "tons  one  mile"  show  a  drop  from  93,800,450.,  In 
1877,  to '7,396,368,  in  1909,  a  decrease  of  92  per  cent. 


GENERAL. 

The  railroad  company  does  not  operate  its  own  boats  on  the 
canal,  all  revenue  from  operating  being  derived  from  tolls. 

We  are  not  in  position  to  discuss  the  causes  of  decline  in  the 
business  of  the  canal  or  whether  its  abandonment  should  be  con- 
sidered ;  and,  since  it  is  so  closely  interwoven  with  the  railroad 
properly,  we  are  o>f  the  opinion  that  its  inventory  and  appraisal 
should  be  made  on  the  basis  of  a  gioing  property. 

The  income  received  by  the  stockholders  of  the  canal  company 
is  one- fourth  of  the  10  per  cent,  on  the  capital  stock  of  the  united 

10  E  s 


146 

companies,  or  practically  56,202,  which,  capitalized    at    5    per 
cent.,  produces  $1,122,040. 

MORRIS  CANAL  AND  BANKING  COMPANY, 

LEHIGH  VALLEY  RAILROAD  COMPANY,  LESSEE. 

HISTORY  AND  DESCRIPTION. 

HISTORY. 

The  Morris  Canal  and  Banking  Company  was  incorporated  by 
an  act  approved  December  3ist,  1824.  The  purpose  of  the  canal 
was  to  connect  the  waters  of  the  Delaware  River  at  a  point  near 
Easton,  Pa.,  with  the  tidal  waters  of  the  Passaic  River. 

This  company  had  power  to  make  the  canal  and  to  take  all 
lands,  all  streams  and  other  waters  necessary  for  the  construc- 
tion, as  well  as  to  operate  the  canal  and  to  exact  tolls  and  charges. 

Section  4  of  the  charter  declares  that  the  canal  property  used 
for  navigation  was  to  be  perpetually  exempted  from  taxation.  It 
was,  also,  further  provided  that  the  canal  company  was  to  be 
clothed  with  banking  powers  for  a  period  of  thirty-one  years. 
At  the  end  of  ninety-nine  years  from  the  passage  of  the  act  the 
State  had  the  right  to  take  the  canal  and  its  appurtenances,  paying 
a  fair  value  therefor;  and,  in  case  the  State  did  not  take  the 
canal  and  its  appurtenances  at  the  end  of  that  time,  the  charter 
was  to  be  automatically  extended  for  fifty  years,  after  which 
time  it  wras  to  lapse  and  all  the  property  of  the  canal  was  to 
become  the  sole  property  of  the  State. 

Construction  did  not  commence  until  1827  and  the  first  canal, 
which  was  of  smaller  cross-section  than  the  present  canal,  was 
completed  in  1831.  On  January  26th,  1828,  the  canal  company 
was  authorized  to  extend  the  canal  to  the  Hudson  River.  This 
extension  was  completed  in  1836.  The  canal  company  was 
organized  in  1849.  At  the  time  of  the  reorganization  10,250 
common  shares  and  11,750  preferred  shares  were  issued,  all  at 
One  Hundred  Dollars  par  value. 

In  1871  the  canal  was  leased  to  the  Lehigh  Valley  Railroad 
Company,  a  corporation  of  Pennsylvania,  in  perpetuity,  and  it  is 
now  being  operated  by  that  company. 


147 

LOCATION. 

The  property  of  the  Morris  Canal  and  Banking  Company 
extends  from  Jersey  City,  in  Hudson  county,  to  Phillipsburg, 
in  Warren  county,  about  102  miles.  The  total  miles  of  canal 
feeders  number  106.69 :  feeders,  4.69.  The  canal  passes  through 
Newark,  Paterson,  Dover  and  Port  Morris,  to  Phillipsburg. 

CAPACITY. 

The  utmost  capacity  of  the  canal,  when  there  is  abundant 
water,  is  about  1,000,000  tons  per  annum  each  way. 

ENGINEERING  FEATURES. 

As  an  engineering  work  the  canal  presents  many  interesting 
features.  The  difference  in  level  between  mean-tide  level  and  the 
summit  at  Port  Morris  is  914  feet.  This  elevation  is  overcome 
by  means  of  16  lift  locks  and  12  inclined  planes  between  the 
Passaic  River  and  Hopatcong. 

LONGEST  LEVEL. 

The  longest  level,  17^2  miles,  extends  from  a  point  in  Essex 
County  near  Bloomfield,  18.5  miles  from  the  Hudson  River,  to  a 
point  west  of  the  Pompton  River  near  Pompton,  36  miles  from 
the  Hudson  River.  The  greatest  rise  by  incline  is  at  Montville, 
41.73  miles  from  the  east  end.  At  this  point  are  found  two 
planes,  one  74  feet  and  the  other  76  feet  rise,  with  a  short  stretch 
of  canal  (not  exceeding  350  feet)  between. 

The  longest  level  on  the  east  side  of  the  summit  is  from  a  point 
in  Sussex  county  70.69  miles  from  the  Hudson  River  and  17.7 
miles  from  the  summit  of  Port  Morris.  This  level  is  11.77  miles 
long.  The  difference  in  elevation  between  Port  Morris  and  the 
Delaware  River  is  760  feet,  which  is  overcome  by  a  flight  of 
eleven  inclined  planes  and  seven  lift  locks. 


148 

DIMENSIONS. 

The  original  dimensions  of  the  canal  provided  for  a  width  on 
bottom  of  20  feet;  depth  of  water,  4  feet;  width  at  surface  of 
water,  32  feet.  The  locks  had  chambers  9  feet  wide  and  75  feet 
long  between  the  mitre  sills.  The  inclined  planes  correspond  with 
the  locks.  There  were  originally  constructed  20  planes  and  3 
locks. 

ORIGINAL,  BOATS  EIGHTEEN   TONS. 

The  gross  tonnage  of  the  first  boats  was  18  tons  each,  or  less 
than  the  smallest  coal  car  now  in  general  operation  in  the  state. 

CHANGE  IN   DIMENSIONS. 

In  1835-6  all  the  summit  planes  were  altered  to  locks.  The 
planes  were  widened  2  feet  and  the  locks  enlarged  n  feet  (width) 
and  95  feet  (length)  in  1841. 

After  the  organization  of  the  new  company,  in  1845,  the 
enlargement  of  the  canal  section  was  commenced.  This  larger 
section  provided  for  a  bottom  width  of  25  feet,  a  depth  of  5  feet 
and  a  width  on  water  line  of  40  feet. 

SECTION  BOATS  FORTY-FOUR  GROSS  TONS. 

In  1845  section  canal  boats  of  44  tons  gross  were  introduced 
and,  in  1860,  the  boats  were  increased  in  size  to  carry  70  gross 
tons,  which  is  the  greatest  capacity  used  up  to  the  present  time. 

PUBLIC    HIGHWAY. 

The  canal  is  a  public  highway,  and  the  lessees  of  the  canal 
claim  that  their  policy  has  been  to  encourage  canal  boat  owners 
to  use  the  canal.  There  seems  to  be  no  disposition  on  the  part 
of  the  public  to  use  this  canal,  as  all  privately-owned  canal  boats 
have  disappeared  long  since. 


H9 

FROM  TAXES  BY  CHARTER. 


By  the  charter  of  1824  the  company's  property  used  for  canal 
navigation  purposes  was  to  be  forever  free  from  State,  county 
and  municipal  taxes,  this  exemption  being  recognized  in  the  sup- 
plement of  1867,  enacted  after  the  foreclosure  sale  of  the 
property. 

TAXES  PAID. 

After  the  passage  of  the  Railroad  Tax  Law  in  1884,  providing 
that  all  property  used  for  railroad  and  canal  purposes  should  be 
assessed  by  the  State  Board  of  Assessors,  that  board  assessed  the 
property  of  the  canal  company.  The  company  protested  and, 
after  extended  litigation,  it  paid  the  sum  of  $150,000,  under  pn> 
test,  to  cover  the  years  1884  to  1889,  inclusive.  The  amount  of 
the  annual  taxes  paid  under  protest  has  increased  gradually  to 
$61,167.43,  paid  in  1909. 

The  general  tax  act  was  revised  and  re-enacted  in  1888,  offer- 
ing, on  behalf  of  the  State,  to*  surrender  the  right  to  take  the 
company's  property  providing  the  company  would,  on  its  part, 
surrender  its  exemption  from  taxation. 

RIGHT  TO  ABANDON. 

During  this  same  year  (1888)  an  act  was  passed  for  the 
benefit  of  the  company,  authorizing  it  to  abandon  its  franchise  of 
operation  and  cease  to  operate  its  canal  at  any  time  within  the 
five  years  thereafter. 

Evidently  the  proprietors  did  not  find  it  desirable  to  avail 
themselves  of  the  privilege  of  surrendering  their  rights  at 
that  time. 

LAND  TITLES. 

The  titles  in  the  lands  held  by  the  canal  company  are  of  four 
kinds,  namely: 


Title  by  deed  in,  fee-simple  absolute. 

Title  as  long  as  used  for  a  canal. 

Title  by  condemnation  for  canal  purposes. 

Title  by  gift,  occupation  or  adverse  user. 

The  total  length  of  canal  and  feeders  is  106.69 

Lands  of  the  First       class  covered   12.4  per  cent. 

Second       "  "         21.5  " 

Third         -  %  "        58.8  " 

Fourth       "  7.3  " 


100.0  per  cent. 


TO  REVERT. 

The  title  to  the  land  in  the  second  class  would  appear  to  revert 
to  the  original  owner  upon  the  vacation  of  the  canals.  "Titles  of 
the  third  class,  being  those  acquired  by  condemnation,  will  also 
revert  unless  the  Legislature  authorizes  a  change  of  the  public 
use  to  which  they  may  be  devoted,  in  which  case  they  could  be 
used  for  the  changed  public  use,  subject  to  the  making  of  addi- 
tional compensation  wherever  additional  burdens  or  damages 
were  thrown  upon  the  owner  of  the  soil."  Titles  of  the  fourth 
class  would  be  fee-simple  titles  wherever  the  adverse  user  of  gift 
was  properly  established. 

The  land  covered  by  the  reservoir  properties  of  the  Morris 
Canal  and  Banking  Company  are  considerable,  as  shown  in  the 
following  table  : 

*Greenwood    Lake,     ...........................   787.00  acres 

Lake    Hopatcong  ............................  460.86 

Stanhope    Reservoir,     ........................   35T-35 

Cranberry    Lake  ............................   300.00 

Bear     Swamp  ...............................     89.14 

Green    Pond,  .  .  .    10.01 


1,998.36  acres 
Less   part   of   Greenwood   Lake   in    New   York,    .  .      119.00       " 


Land  covered  by  reservoirs,   New  Jersey 1,879.36  acres 


._The  total  flow-age  area  of  Greenwood  Lake  is  787,  of  which  119 
acres  are  in  New  York  State.  We  are  informed  that  the  title  of  a  con- 
siderable portion  of  Greenwood  Lake  may  be  questionable. 


COST  OF  CANAL. 

The  cost  of  constructing  the  canal,  including  enlargements,  as 
shown  on  the  profile  computed  and  drawn  under  the  direction  of 
William,  Talcott,  Engineer  and  Superintendent,  in  1861,  is  as 
follows : 

SUMMARY  OF  COST  OF  THE   MORRIS   CANAL. 

From   Delaware   River   to    Newark, $2,000,000 

Alterations  of  planes   in    1835-6,    230,000 

Extension  to  Jersey  City,  1836,    600,000 

Greenwood   Reservoir   and   Feeder,    170,000 

Enlargement   of  planes   and   locks,   1841,    400,000 

— $3,400,000 
Enlarging  canals  and   rebuilding  planes,    1,700,000 


Total    cost    of    canal,    $5.100,000 


DECLINE  OF  TRAFFIC. 

The  available  data  on  tonnage  dates  from  1845,  when  the  total 
traffic  carried  for  the  entire  year  was  58,259  tons.  The  business 
of  the  canal  reached  its  maximum  in  1866,  when  889,220  tons 
were  carried  and  $275,970  were  earned  over  expenses  and  taxes. 

After  the  canal  was  leased  to  the  Lehigh  Valley  Railroad,  in 
1871,  the  tonnage  dropped  to  629,044  tons,  the  gross  earnings 
being  $283,725.34;  the  expenses  and  taxes,  $371,021. 81 ;  the  in- 
terest, $88,960.86;  and  the  deficit,  $176,257.33. 

From  1871,  the  traffic  gradually  dwindled  to  27,392  tons,  in 
1902,  or  less  than  one-half  the  tonnage  of  1845,  carried  at  a  much 
less  rate  per  ton.  There  has  been  a  slight  increase  in  tonnage 
since  1902,  the  tonnage  in  1910^  being  55,328. 

The  decrease  in  tonnage  between  1845  an<^  1902  was  53  per 
cent.  The  decline  from  the  maximum  in  1866  was  97  per  cent . 
while  the  income  decreased  over  90  per  cent. 

The  lease  to  the  Lehigh  Valley  Railroad,  while  being  greatly 
to  the  benefit  of  the  holders  O'f  the  securities  of  the  canal  com- 
pany, proved  a  great  loss  to  the  Lehigh  Valley  Railroad  Com- 


152 

pany.  According  to  the  report  of  the  commissioners  appointed 
under  concurrent  resolutions  of  March  3ist,  1903,  "The  property 
as  a  canal  has  become  and  for  several  years  has  been  unprofit- 
able." 

"An  examination  of  the  annual  earnings  of  the  canal  company, 
submitted  by  the  lessee  heretofore  set  out,  appears  to  show  con- 
clusively that  the  canal  has  no  value  for  canal  purposes,  either  to 
the  Lehigh  Valley  Railroad  Company  or  to  the  State.  There  ap- 
pears to>  be  no<  way  in  which  the  State  could  make  the  canal  profit- 
ably available  for  water  transportation." 


LOSS  IN  OPERATION. 

The  Lehigh  Valley  Railroad  Company,  under  the  lease  in  per- 
petuity, dating  from  May  4th,  1871,  undertakes  to  pay  interest 
at  the  rate  of  4  per  cent,  per  annum,  on.  the  common  stock,  of 
which  $1,025,000  face  value  is  outstanding;  also,  10  per  cent,  on 
$1,700,000  of  preferred  stock,  together  with  interest  on  the 
funded  debt,  the  total  of  which  now  stands  at  $188,500  per  year. 

According  to  the  statements  of  the  Lehigh  Valley  Railroad 
Company,  the  first  year's  operation  resulted  in  a  net  loss  of  $176,- 
257.33,  including  the  dividends  and  interest;  and,  from  that  date 
to  this,  covering  a  period  of  3.9  years,  the  deficit  from  operation, 
dividends  and  interest  (interest  at  4  per  cent.)  amounts  to  $10.- 
873.578,  or  more  than  five  times  the  cost  of  the  original  canal, 
and  more  than  twice  the  cost  of  the  original  construction  and 
the  enlargements. 

The  lease  of  this  canal  property  is  in  perpetuity.  There  are  no 
prospective  earnings  that  will  likely  change  the  present  annual 
deficit  into  a  profit — or  even  lower  the  deficit — and,  indeed,  it  is 
not  unlikely  that  the  deficit  will  continue  to  increase;  and,  even 
though  the  canal  were  abandoned  and  the  loss  from  operation 
had  ceased,  the  dividends  and  the  interest  would  still  have  to  be 
paid. 

If  we  attempt  to  apply  true  value  as  defined  by  the  court  to  the 
canal  as  a  whole,  we  face  a  unique  condition,  where  there  is  no 
willing  buyer  of  the  whole  property  at  any  price;  and  the  lessee 


153 

is  desirous  of  surrendering  the  property,  though  required  to  still 
continue,  in  perpetuity,  the  yearly  payment  of  the  sum  of  $188,- 
500  in  satisfaction  of  the  terms  o<f  the  lease. 

What,  then,  is  the  "true. value"  of  a  property  o<f  this  character, 
when  the  cost  of  retaining:  it  puts  an  annual  burden  of  some 
$91,000  upon  the  operating  company,  oi  which  sum,  $61,167.43 
is  paid  to  the  State  in  taxes?  Suggestions  have  been  made  for 
the  possible  use  of  portions  of  the  canal.  One  plan  contemplates 
the  utilization  of  17'^  miles  level  for  a  freight  railroad.  This 
plan  seems  impracticable  on  account  o>f  impossible  alignment. 
The  Erie  Railroad  covers  only  nj^  miles  reaching  the  sarnie 
points. 

1903  REPORT  OF  COMMISSIONERS. 

A  report  of  Commissioners  George  T.  Werts,  John  W.  Griggs 
and  Foster  M.  Voorhees,  dated  March  3ist,  1903,  sets  forth  fully 
and  clearly  the  history  and  conditions  attendant  upon  the  con- 
struction, enlargement  and  results  of  operation  of  the  canal 
property. 

The  commission  concludes  its  report  as  follows : 

"AfND  WHEREAS,  by  authority  o>f  a  concurrent  resolution 
of  the  Senate  and  General  Assembly,  passed  March  3ist, 
1903,  the  Governor  appointed  George  T.  Werts,  John  W. 
Griggs  and  Foster  M.  Voorhees,  a  commission,  to  inquire 
into  the  matter,  who  have  reported  to  the  Legislature  that 
the  canal  ought  to  be  abandoned  upon  the  terms  herein- 
after stated  and  enacted,  and  the  charter  repealed." 
No  legislative  action  has  followed  the  commendation  of  this 
committee.     It  is  generally  understood  that  the  lessee  is  desirous 
of  being  released  from  the  duty  o>f  maintaining  and  operating  the 
canal  property  and  is  willing  to  abandon  all  the  canal  property 
to  the  State  along  the  lines  suggested  by  the  commission. 

It  seems  proper  to  suggest  that,  in  case  legislation  is  consid- 
ered looking  to  the  abandonment  of  the  canal,  the  following  ad- 
ditional duties  should  be  required  from  the  lessee,  namely : 


154 
SUGGESTED  REQUIREMENTS. 

All  highway  or  foot  bridges  crossing  the  canal,  which  the  canal 
company  is  now  required  to  maintain  and  renew,  shall  be  replaced 
by  a  permanent  way  or  road  across  the  canal  in  accordance  with 
the  requirements  of  each  particular  case  determined  by  agree- 
ments entered  into  by  the  various  boroughs,  townships  or  coun- 
ties and  the  lessee,  and  approved  by  the  commission,  all  to  be 
done  at  the  expense  of  the  lessee. 

All  structures,  buildings  or  constructions  of  any  kind,  and  ma- 
chinery, which  should  be  maintained  or  removed  in  order  to1  pro- 
tect the  public  health,  comfort  or  convenience,  shall  be  maintained 
<  IT  removed  under  the  instruction  of  the  commission ;  and,  in  case 
of  the  failure  of  the  lessee  to  comply  with  the  instructions  of  the 
commission  in  the  manner  and  time  set  forth  in  the  order  of  the 
commission,  then  the  commission  shall  proceed  to  cause  such 
work  to  be  performed  and  shall  make  such  necessary  arrange- 
ments for  the  maintenance  of  any  work  which,  in  their  judgment, 
requires  to  be  maintained ;  and  the  lessee  will  be  required  to  pay 
all  costs  incurred  by  the  commission  in  the  carrying  out  of  such 
work. 

EXPENSES  TO  BE  PAID  BY  LESSEE. 

All  expenses  attendant  upon  the  payment  of  the  commissions  s, 
together  with  all  other  expenses  incurred  by  the  commission  or 
the  State  in  carrying  out  any  legislative  enactment  authorizing 
the  abandonment  of  the  canal,  shall  be  paid  by  the  lessee ;  and  the 
sum  of  Fifty  Thousand  Dollars  shall  be  deposited  by  the  lessee 
to  guarantee  the  initial  expenses;  and,  if  additional  money  is  re- 
quired to  carry  out  the  work  set  forth  in  the  legislative  enact- 
ment, then  such  additional  sums  must  be  paid  by  the  lessee. 

In  order  that  the  State  may  be  fully  protected,  it  would  seem 
desirable  that  the  lessee  furnish  a  bond  in  an,  amount  sufficient 
to  cover  any  expenses  necessary  for  the  carrying  out  o<f  the  enact- 
ment. 


It  does  not  seem  unreasonable  to  require  that  the  Lehigh  Val- 
ley Railroad  Company  should  stand  the  expense  of  being-  re- 
leased from  the  burden  which  is  now  a  drain,  on  the  treasury,  and 
it  is  not  likely  that  all  expenses  attendant  upon  the  work  oi  the 
commission  would  equal  the  loss  now  incurred  in  one  year's  oper- 
ation of  the  canal. 


156 

CHAPTER  XVIIL 

METHOD  OF  CONDUCTING  APPRAISAL. 

SCOPE  OF  SURVEY  AND  INVENTORY. 

In  order  to  fully  comply  with  the  state  tax  laws  and  the  special 
•enactments  under  which  this  work  was  authorized,  it  was  deemed 
necessary  to  measure  every  foot  of  railroad  property  in  the  state. 
This  has  been  accomplished.  All  tracks,  embankments,  excava- 
tions, structures,  culverts,  water  stations,  coaling]  stations,  build- 
ings and  bridges  of  every  kind;  all  signaling,  interlocking,  ma- 
chinery, fixtures,  materials  and  supplies  have  been  actually  inven- 
toried by  our  own  force,  acting  under  detailed  instructions. 

WORKING  FORCE. 

The  maximum  force  during  the  summer  months  reached  a  total 
of  ninety,  as  follows : 

i  Expert  in  Charge, 
i  Chief  Engineer, 
i  Chief    Clerk. 

Office  Engineer. 

Machinery  Expert. 

Signal  Expert. 

Special  Assistant  Engineer. 

Office  Assistant  Engineer. 
9  Assistant  Engineers  in  Charge  of   Field  Parties. 

Confidential  Examiner. 

Confidential    Statistician. 
7  Stenographers. 
3  Draughtsmen. 
6  Computers. 
46  Chainmen. 
9  Field  Assistant  Engineers. 

COMPUTERS. 

After  the  field  work  was  completed,  the  assistant  engineers  and 
the  field  assistants  were  brought  into  the  office,  together  with  a 
number  of  the  most  experienced  chainmen,  This  force  was  used 


157 


*j/ 

in  making  the  computations  of  the  quantities  surveyed  by  the 
respective  field  parties  and  in  assisting  to  close  up  the  work  in 
general. 

NO  PROFILES  AVAILABLE. 

The  railroads  of  this  state  were  not  constructed  by  the  com- 
panies under  whose  titles  they  are  now  operated.  They  were 
poorly  constructed  originally  and  few  records  are  available.  No 
profiles  are  available  and,  in  many  cases,  no  land  maps  are  extant  ~ 


LAND  MAPS. 

The  Delaware,  Lackawanna  and  Western  Railroad,  one  of  the 
most  important  corporations  doing  business  in  the  state,  has  no 
continuous  land  map.  The  Pennsylvania  Railroad,  the  Lehigh 
Valley  Railroad  and  the  Central  Railroad  o>f  New  Jersey  are  well 
equipped  with  land  maps,  and  we  have  secured  a  complete  set  of 
these. 

INSTRUCTIONS  TO  EMPLOYEES. 

The  plan  O'f  conducting  the  field  work  is  fully  set  forth  in  the 
"Rules  and  Instructions  for  the  Guidance  of  all  Employees  in  the 
Revaluation  of  Railroads  and  Canals,"  copy  of  which  is  found  in 
the  appendix. 

PROGRESS  REPORTS. 

A  monthly  record  was  made  of  the  work  of  each  field  party, 
their  work  carefully  analyzed,  plotted  and  diagramed.  Each  as- 
sistant engineer  was  furnished  with  a  diagram  of  the  entire  work 
of  all  the  field  parties  in  order  that  all  concerned  might  be  fully 
informed  as  to  the  work  of  each. 

The  party  earning  the  premium  for  the  month  was  indicated 
by  a  star  (see  "Instructions").  This  method  of  showing  every 
man  in  the  field  exactly  what  the  others  were  accomplishing  re- 
sulted in  keen  competition. 


The  output  per  man,  per  day,  in  miles  of  work  covered,  in- 
creased as  follows : 


INCREASED  EFFICIENCY  OF  FIELD  FORCES, 

Per  Cent. 

Month.  Mile's.  Increase  Over  May. 

May,    0.128 

June,   0.143  1 1. 8 

July,    0.244  go.o 

August,     0.350  173.0 

September,       0.377  195.0 

October,    0.389  204.0 

From  June  on  to  the  end  of  the  field  work,  every  man  extended 
his  efforts  to  the  utmost,  and  he  knew  what  to  do  and  how  to 
do  it. 

FORMS   FOR   TABULATION. 

The  following  is  a  list  of  forms  used  in  the  work : 

1.  Letter  head,  large. 

2.  Letter  head,  small. 

3.  Envelope,  small,  white. 

4.  f    Envelope,  large,  white. 
4-A.     Envelope,   large,    manilla. 

4-B.  Envelope,  large,  manilla,  return. 

7.  Voucher. 

8.  Voucher,  register. 

9.  Pay  roll. 

10.  Post  card. 
IO-A.  Report  card. 

11.  Expense  voucher. 

12.  Receipt  book. 

13.  Final  summary  sheet. 

20.  Land,  main  stem,  first-class. 
20-A.  Supplement  to  Form  20. 

21.  Land,   second-class. 
2i-A.  Supplement  to  Form  21. 

26.  Memorandum  of  assessed  valuation  of  land  adjoining  main  stem. 

26- A.  Supplement  to  Form  26. 

30.  Detail  and  computation   sheet. 

30-A.  Supplement  to  Form  30. 

.31-1.  Assembling  Sheet,  land. 

.31-2.  Assembling  Sheet,  clearing  and  grubbing. 


159 

31-3-  Assembling  Sheet,  graduation. 

31-4.  Assembling  Sheet,  bridges,   retaining  walls  and  culverts. 

31-5.  Assembling  Sheet,  track  and  its  appurtenances. 

31-6.  Assembling  Sheet,  fencing. 

.31-7.  Assembling  Sheet,  telegraph  and  telephones. 

31-8.  Assembling  Sheet. 

32.  Distribution    sheet. 

.33.  Graduation   on   main   stem. 

36.  (.irading  calculations. 

.37.  Length  of  main  stem  in  taxing  districts. 

38.  Graduation  summary. 

39.  Detailed  estimated  value  of  ;  general   form. 

40.  Main    stem   track  classification. 
40- A.  Supplement  to  Form  40. 

41.  Summary  estimate  of  track  on  main  stem. 

42.  Summary  and  estimate  of  track  outside  of  main  stem,  second-class. 
80.  Floating  equipment. 

'90.  Locomotives.  , 

90-A.  Supplement  to  Form  90. 

91.  Miscellaneous  road  equipment. 
•9i-A.  Supplement  to  Form  91. 

92.  Passenger  equipment. 
92-A.  Supplement  to  Form  92. 

93.  Freight-train  cars. 
93-A.  Supplement  to   Form  93. 

94.  Statistics — Memorandum  concerning  train  equipment, 
too.  Eight  sheets,  manual  interlocking. 

IOO-A.  Supplement  to  Form   100. 

101.  Two  sheets,  miscellaneous  signals,  crossing  gates  and  alarms,  etc. 

102.  Three   sheets,   electric   interlocking. 

103.  Two  sheets,  automatic  signals. 

104.  Three  sheets,  pneumatic  interlocking. 
120.  Docks  and  piers. 

130.  Shop   machinery  and  machine   tools. 

I3O-A.  Supplement  to  Form  130. 

132.  Shop  fittings,  shafting,  belting,  etc. 

133.  Supplement  to  Form  132. 
140.  Materials  and  supplies. 
I40-A.  Supplement  to  Form  140. 

The  necessary  forms  were  furnished  for  all  of  the  railway  cor- 
porations in  the  state.  The  information  called  for  on  the  forms 
was  generally  supplied,  where  the  records  of  the  company  were 
kept  in  such  manner  as  to  permit  O'f  the  information  being-  com- 
piled ;  but,  in  many  cases,  no  data  could  be  had  from  the  railroads. 
This  information  was  compared  with  the  data  secured  by  our 
field  forces  and  experts. 


i6o 

MACHINERY,  TOOLS,  &C. 

An  inventory  was  made  of  all  machinery,  machine  tools,  shaft- 
ing, belting,  fixtures,  etc.,  by  a  machinery  expert  who  has  had 
years  of  experience  in  the  selling  and  buying  of  machinery,  espe- 
cially such  as  is  in  general  use  by  the  railroads.  The  prices  and 
the  depreciation  were  determined  on  each  machine  after  consul- 
tation and  instruction.  Correspondence  was  entered  into  with 
various  makers  of  machinery,  and  all  important  plants  were  made 
the  subject  of  special  examination. 

SIGNALING  AND  INTERLOCKING. 

• 

Plans  of  the  various  interlocking  plants,  and  block  signaling, 
have  been  secured  and  every  installation  in  the  state  has  been  sur- 
veyed by  a  signal  engineer  who,  through  years  of  experience,  is 
thoroughly  acquainted  with  cost  of  installation. 

The  record  o<f  every  interlocking  plant  has  been  prepared  and 
tabulated  for  the  first  time  in  this  state.  (See  Appendix.) 


ATTITUDE  OF  THE  RAILWAY  OFFICIALS 

The  railway  officials  signified  their  willingness  to  co-operate 
with  this  Office  in  the  furtherance  of  the  work  and,  as  a  first 
step,  issued  bulletins  to-  officers  and  employees.  The  following 
is  the  form  used  bv  the  several  railroad  svstems  in  the  state  : 


PENNSYLVANIA  RAILROAD  COMPANY, 

(NEw  JERSEY  DIVISION.) 

WEST  JERSEY  AND  SEASHORE  RAILROAD  COMPANY. 
CIRCULAR. 

To  Officers  and  Employees: 

The  revaluation  of  railroads  and  canals  of  the  State  of  New  Jersey  author- 
ized by  the  Legislature  will  be  conducted  under  the  direction  of  Mr.  Charles 
Hansel,  as  expert  in  charge,  and  a  corps  of  assistants  who  will  have  cards; 
of  identification  of  the  following  form,  signed  by  Mr.  Charles  Hansel : 


RAILROAD  AND  CANAL  REVALUATION,  N.  J., 

55  BROAD  STREET,  ELIZABETH,  N.  J. 
To  Whom  it  May  Concern: 

Mr 

is  an  employee  of  the  State  of  New  Jersey,  and  is 
authorized  to  enter  the  property  of  any  railroad, 
railway  or  canal  at  all  reasonable  hours,  for  the  pur- 
pose of  examining,  inspecting  and  appraising  same. 
By  order  of  t 

CHARLES  HANSEL, 

Expert  in  Charge. 
No 

All  officers  and  employees  are  hereby  directed  to  permit  inspectors,  when 
provided  with  such  cards  duly  signed  by  Mr.  Hansel,  to  go  upon  the  property 
of  this  company  at  all  reasonable  hours  for  the  purpose  of  this  revaluation 
work,  and  should  extend  all  reasonable  facilities  to  the  inspector  in  charge. 

In  order  to  avoid  duplication,  confusion  and  misunderstanding  the  com- 
pany has  arranged  with  Mr.  Charles  Hansel,  expert  in  charge  for  the  State, 
that  all  information  required  by  him  or  his  assistants  shall  be  furnished 
through  Mr.  Benjamin  W.  Carskaddon,  real  estate  agent. 

W.  HEYWARD  MYERS, 

General  Manager. 

Office    of    the    General    Manager,    Broad    Street    Station,    Philadelphia,    Pa., 
June  ist,  IQIO. 

IDENTIFICATION    CARDS. 

Each  of  our  employees  was  furnished  with  an  identification 
card,  the  same  as  shown  in  the  railroad  bulletin,  and  these  cards 
were  honored  at  all  times  by  the  railroad  officials  and  their 
employees, 

TAX    DEPARTMENT    IN    CHARGE. 

It  was  the  desire  of  the  railroad  officials  of  the  large  systems 
that  all  correspondence  and  all  matters  concerning-  this  work 
should  be  carried  out  through  the  official  in  charge  of  the  tax 
departments,  excepting  in  the  case  of  the  Central  Railroad  of 
New  Jersey,  of  which  company  the  legal  department  was  in 
charge. 

This  was  agreed  to  by  this  Office,  with  the  understanding  that 
the  information  desired  would  be  furnished, 
ii  ES 


162 

In  all  cases,  the  officials  representing-  the  railroad  companies 
have  been  courteous  and  apparently  desirous  of  furnishing  the 
information  requested.  Much  of  the  data  had  to  be  prepared 
and  the  work  done  concurrently  with  the  regular  work  and,  since 
the  tax  agent  was  dependent  upon  the  heads  of  the  various 
departments,  the  work  was  impeded  by  this  method  of  carrying 
all  the  work  through  one  channel.  In  many  cases,  information 
was  not  furnished  on  the  ground  that  the  scope  of  our  work  did 
not  cover  the  information  called  for,  and,  while  we  have  not 
received  the  broad  co-operation  of  the  railway  officials,  much 
data  has  been  received  in  the  shape  of  plans,  right-of-way  maps 
and  general  information,  and  many  questions  have  been 
answered. 

The  largeness  of  the  work  involved  so  many  questions  and 
theories  that  it  was  impossible  to  secure  the  best  results  without 
a  free  discussion  with  the  head  of  each  department  of  all  mat- 
ters pertaining  to  that  department.  This  opportunity  was  denied 
us,  and  all  efforts  on  our  part  to  gain  information  direct  from 
the  heads  of  the  departments  failed.  We  do  not  mention  this 
by  way  of  complaint,  but  rather  to  set  forth  the  facts. 

We  believe  that  the  work  would  have  been  carried  out  with 
less  delay  and  trouble  to  all  concerned  had  the  presidents  of  the 
different  companies  issued  instructions  to  each  head  o*f  each 
department  to  take  up  the  matters  of  the  respective  departments 
directly  with  this  office. 


PLANS    FURNISHED    BY    RAILROADS. 

By  complying  with  the  wishes  of  the  railroads  in  respect  to 
the  channel  through  which  we  conducted  our  inquiries,  we  were 
enabled  to  secure  a  vast  number  of  plans  which  they  were  not 
required  by  law  to  furnish.  These  plans  materially  aided  the 
progress  of  our  work,  and  they  will  form  a  permanent  record 
in  the  archives  of  the  state. 


i63 


UNIT  PRICES. 

The  first  requisite  of  determining  the  value  of  the  physical 
elements  of  a  property  is  the  unit  price  to  be  applied  to  quantity. 

During  the  progress  of  the  field  work  a  force  of  engineers 
and  computers  was  engaged  in  computing  and  gathering  data 
from  all  sources.  A  unit  price  was  determined  for  each  of  the 
several  thousands  of  items  entering  into  the  construction  of  a 
railroad.  This  mass  of  data  has  been  bound  and  is  made  a  part 

of  this  report  by  reference. 

/ 

SOLIDIFICATION  OF  ROADBED. 

The  solidification  of  roadbed,  by  reason  of  settlement  through 
age  and  use,  has  not  been  taken  as  an  element  of  value  for  the 
purpose  of  this  report.  It  is  manifest  that  a  given  piece  of  road- 
bed which  has  stood  under  traffic  and  the  elements  has  been 
moulded  to  a  more  solid  mass  than  the  original  construction 
could  produce,  and  this  solidification  has  added  a  considerable 
value,  which  could  only  be  acquired  by  the  lapse  of  time. 

In  the  construction  of  an  embankment  the  engineer  requires 
the  contractor  to  use  every  reasonable  means  of  tamping  and 
solidifying,  so  as  to  secure  as  stable  a  roadbed  as  possible,  and 
any  failure  to  do  this  is  reflected  in  the  increased  expense  of 
maintenance,  due  to  settlement,  the  disappearance  of  ballast,  etc. 

In  addition  to  this  element  of  solidification,  the  quantities 
which  would  be  found  in  an  embankment  of  considerable  eleva- 
tion would  not  indicate  the  actual  quantities  placed  there  during 
construction,  for  the  reason  that,  in  many  cases,  fully  ten  per 
cent,  of  the  total  area  showing  above  the  surface  has  settled 
below  the  natural  surface  by  pressure  of  the  mass,  and,  in  cases 
where  the  natural  ground  is  unstable,  a  much  larger  amount  of 
material  has  disappeared. 

This  solidification  and  settlement  of  ro-adbed  has  been  an 
element  of  cost  and  must  be  provided  for.  The  railroad  com- 
pany is  entitled  to  claim  this  cost  as  a  part  of  their  investment. 
We  have  no  means  of  determining  the  amount  of  solidification 
or  settlement,  even  approximately,  and  have  not,  therefore, 
attempted  to  fix  any  definite  unit  of  values  for  same. 


164 

CHAPTER  XIX. 

TAXES. 

TAXES  PAID  IN  EACH  OF  THE  SEVERAL  STATES 

A  study  of  the  taxes  paid  by  railroads  in,  each  of  the  several 
States  reveals  the  fact  that  the  amount  of  taxes  paid  per  mile  in 
New  Jersey,  in  1909,  is  the  highest  paid  in  any  state,  and  is  20 
per  cent,  higher  than  the  next  highest  state  (Connecticut). 
Comparisons  have  been  made  for  the  period  of  four  years  covered 
by  the  years  1906  to  1909,  both  inclusive.  The  report  of  1909  is 
the  latest  of  the  Interstate  Commerce  Commission.  The  com- 
plete tabulated  comparison  is  given  in  the  appendix. 

The  following,  brief  analysis  of  the  order  in  which  the  States 
stand  in  regard  to  the  amount  of  taxes  paid  per  mile,  is  illustra- 
tive: 


States  receiving  taxes  over  $2,100  a  mile  and  under  $2,150, 

1,650      "  1,700, 


i 

2 

3-  "        1,450  "  1,500, 

4-  "        1,200  "  1,250, 

5-  "  "        1,000  "  1,050, 

6.  "             "  "                    750  "  "        "            800, 

7.  "  700  "  750, 

8.  550  "                                600,   2 

9-  5oo  "                                 550,  2 

10.  450  500,   ....  4 

TI.  400  "                                 450,  5 

12.       "  350  "                                 400,   4 

1.3-       "  300  "                                 350,.   5 

14.       "  250                                        300,  6 

15-       "  200  "                                 250,   7 

16.       "  150  "                               200,  7 

In  1905,  New  Jersey  received  $789,00  per  mile;  in  1906, 
$848,00;  in  1907,  $2,047.00  per  mile,  an  increase  of  157  per  cent. 
Taxes  for  1908  fell  off  $121.00  per  mile  and,  in  1909,  increased 
to  $2,166.00  per  mile. 


It  will  be  observed  that,  after  the  fourth  state  in  order  (Rhode 
Island),  the  rate  of  taxes  per  mile  drops  very  rapidly  until  Ari- 
zona is  reached.  This  difference  in  rate  of  taxes  per  mile  lies 
largely  in  the  difference  in  method  of  assessment,  due  to  the 
vagaries  of  railroad  taxation. 

DENSITY  OF  POPULATION. 

New  York  and  New  Jersey  stand  upon  practically  the  same 
basis  as  to  density  of  population  compared  with  mileage.  New 
York  has  10.18  miles  and  New  Jersey  has  10.57  miles  of  railroad, 
for  each  10,000  inhabitants.  If  we  excluded  the  city  of  New 
York,  the  ratio  of  density  of  population  to>  miles  of  railroad 
would  be  greater  in  New  Jersey  than  in  New  York.  Rhode 
Island  has  but  4.31  miles  of  railroad  for  each  10,000  people. 

The  large  difference  in  the  amount  of  taxes  paid  per  mile  by 
the  railroads  of  New  Jersey  and  New  York  must  lie  in  the  dif- 
ferent methods  of  assessment  of  value.  The  average  value  per 
mile  of  single  track  in  New  York  as  given  by  the  Department  of 
Commerce  and  Labor,  Bulletin  21,  1904,  is  $108,300.  This  same 
report  shows  value  o*f  New  Jersey  railroads  per  mile  o>f  single 
track  to  be  $146,400,  or  35  per  cent,  more  valuable  than  the  rail- 
roads of  New  York,  and  greater  than  the  railroads  of  any  other 
state. 

LOCAL  ASSESSMENTS. 

We  are  not  in  position  to  know  positively  whether  or  not  the 
property  of  the  railroads  of  this  state  is  more  accurately  assessed 
than  the  property  of  other  corporations  or  of  private  persons. 

LAWS  OF  VARIOUS  STATES. 

A  study  of  the  railway  tax  laws  of  the  various  states  demon- 
strates the  wide  difference  in  principles  and  results,  and  illustrates 
the  great  difficulty  of  writing  a  statute  which  is  comprehensive 
in  all  its  details ;  and,  perhaps,  the  vagaries  of  the  tax  laws  are 


1 66 

occasioned  by  the  difficulty  of  arriving  at  a  proper  method  of 
determining  value,  having  in  mind  the  various  "true  values"  of 
the  railway  and  the  apportionment  of  value  into  states  and  minor 
civil  divisions.  It  is,  however,  very  difficult  to-  formulate  the 
remedy;  and,  although  railway  officials,  generally,  have  reason 
to  complain  of  the  diverse  theories  "of  taxation  adopted  in  the 
several  states,  it  does  not  appear  that  they  are  prepared  to  offer 
a  complete  plan  which  would  be  fairly  just  to  all  concerned  and 
which  they  would  willingly  see  incorporated  in  the  statutes  of 
all  the  states. 

SPECIAL  ENACTMENTS. 

The  primitive  systems  employed  in  earlier  years  have  given 
way  to  special  enactments.  Taxation  based  on  gross  earnings  or 
on  gross  receipts  has  been,  generally,  superseded  by  ad  valorem 
or  some  form  of  specific  taxation.  In  thirty-two  states,  and  in 
the  District  of  Columbia,  we  find  a  general  property  tax  based  uii 
the  value  of  real  and  personal  property;  and,  with  some  qualifi- 
cations, several  other  states  might  be  included.  Indeed,  all  the 
states  have  some  form  of  ad  valorem  or  specific  taxation.  It  ap- 
pears, therefore,  that  the  trend  of  change  is  toward  ad  valorem 
or  property  value ;  and  this,  of  course,  involves  the  valuation  of 
the  physical  property ;  and,  perhaps,  in  addition  thereto,  the  ele- 
ments sometimes  termed  the  non-physical,  adventitious,  intang- 
ible, franchise  or  unearned  increment  elements. 

GLOSSARY  Ol"  TERMS. 

Any  system  of  inventorying  and  appraising  the  physical  prop- 
erty, as  well  as  the  purpose  of  the  valuation,  must  be  clearly  de- 
fined ;  and,  in  order  to  avoid  confusion  and  misinterpretation,  it 
is  necessary  to  prepare  a  glossary  of  terms  and  arbitrary  defini- 
tions of  words  as  applied  to  the  particular  scheme  or  law  of  valua- 
tion, as  well  as  a  standard  of  measurement,  or  template,  to  be  ap- 
plied to  each  of  the  various,  important  classes  of  property  in- 
volved in  a  railway. 


i67 


UNIFORM    TAXATION. 

There  must  be  some  method  of  railway  taxation  which  is  rea- 
sonably correct  and  understandable.  It  is  not  likely,  however, 
that  satisfactory  progress  will  be  made  toward  uniformity  or 
practicability  unless  the  matter  is  made  the  particular  business  of 
railways,  working  in  conjunction  with  representatives  of  the 
several  states. 

The  State  legislators  seeking  to  enact  a  bill  for  the  taxation  of 
railroads  are  not  in  a  position  to  try  out  their  theories  by  actual 
application.  They  are  in  a  position  similar  to  that  of  a  person 
attempting  to  do  the  work  of  an  engineer  or  an  architect  who  is 
called  upon  to  draw  plans  and  specifications  and  to  determine 
costs  without  knowing  the  characteristics  or  the  physical  and 
elemental  value  of  the  various  materials  and  members  he  is  re- 
quired to  employ.  Consequently,  the  legislators,  be  they  ever  so 
well  qualified  in  mind  and  integrity  of  purpose,  must  of  neces- 
sity fail  to  draft  a  bill  based  on  a  comprehensive  understanding 
of  its  meanings  and  the  result  to  be  obtained  through  its  en- 
forcement. 

TERMINOLOGY. 

The  scope  and  meaning-  o>f  the  words  "true  value"  and  " fran- 
chise value"  are  illusive  and  fugitive.  The  definitions  of  these 
terms  change  with  their  application  and  can  only  become  fixed 
and  understandable  when  they  are  nailed  fast  in  the  detailed 
specifications  of  some  particular  law.  Then,  so  far  as  that  law  is 
concerned,  their  meaning  and  scope  are  defined,  limited  and  fixed. 


1 68 
CHAPTER   XX. 

CONCLUSION. 

The  results  of  the  work  which  is  now  concluded  can  be  ex- 
pressed in  one  line  of  figures,  as  below : 

Subdivi-  Second 

Mam  Stem.     sionlV.      Personal.        Class.  Total. 

Valuation  1911,  ...$132,066,295  $76,930,918  $76,095,048  $89,668,164  $374,760425 
Assessment  1910,  ..   130,149,210     51,605,400    31,207,385     73,584,458     286.546,453 


Increase,    $1,917,085  $25,325,518  $44,887,663  $16,083,706    $88,213,972 

While  the  above  figures  are  significant,  they  do  not  illustrate, 
in  any  way,  the  mass  of  data  from  which  they  were  compiled. 

The  State  Board  of  Assessors  has  been  furnished  with  thirty- 
two  bound  volumes  of  typewritten  matter,  of  some  hundreds  of 
pages  each,  setting  forth,  in  detail,  the  description  and  value  of 
each  element  of  land  and  structures;  and,  in  addition  to>  these 
thirty-two  bound  volumes,  a  complete,  typewritten  list  of  rolling 
and  floating  equipment,  and  machinery,  for  each  railroad,  has 
been  furnished ;  so  that  the  state  is  now,  for  the  first  time,  in  pos- 
session of  knowledge  concerning  each  of  the  multifarious  items 
which  go  to  make  up  the  grand  total  of  millions. 

We  have  made  an  inventory  of  materials  and  supplies  for  main- 
tenance of  track,  but  have  recommended  that  it  be  not  included  in 
the  taxable  value,  for  the  reason  that  the  unit  price  for  track 
valuation  requires  a  constant  condition.  The  argument  for  track 
valuation  is  fully  set  forth  under  the  subject  "Track." 

While  it  has  required  an  immense  amount  of  labor  and  sys- 
tematic care  to-  perform  the  work  of  measuring  every  structure, 
building,  roadbed  and  track,  it  has,  perhaps,  been  more  difficult 
to  determine  what  template  or  unit  value  to'  apply  to<  the  quanti- 
ties of  each  of  the  thousands  o>f  various  items,  as  well  as  to 
classify  same  under  the  tax  law  of  the  state. 

Problems  o<f  law  and  economics  were  presented  continuously 
throughout  the  work.  These  questions  required  immediate  set- 


169 

tlement  in  detail  and  in  a  practical  manner ;  and,  since  there  are 
few  court  decisions  bearing  on  the  various  phases  of  the  work, 
the  writer  was  compelled  to  decide  many  important  questions 
which  properly  belonged  to  the  dominion  of  the  highest  court  in 
the  state. 

The  valuation  of  Subdivision  IV.,  as  well  as  the  fixing  of  the 
situs  and  the  value  of  the  rolling  and  the  floating  equipment,  was 
the  most  important  of  our  problems. 

It  is  believed  that,  under  existing  statutes,  we  are  required  to 
value  the  property  of  each  railroad  and  canal  company,  regard- 
less of  the  fact  that  such  company  may  have  lost  its  practical 
identity  by  being  merged  with  a  large  railroad  system.  These 
minor  corporations  are  merely  constituent  companies  of  a  great 
system. 

In  the  case  of  the  Central  Railroad  Company  System  of  New 
Jersey,  there  are  twenty-seven  constituent  companies,  each  of 
which  has  been  treated  as  a  separate  corporation.  We  are 
advised  by  the  management  that  no  accounting  of  rail  operations 
of  these  minor  corporations  is  kept.  The  same  report  is  made 
as  to  the  Delaware,  Lackawanna  and  Western  Railroad,  as  well 
as  the  majority  of  railroad  systems  in  the  state. 

The  money  for  the  payment  of  the  taxes  levied  on  these  minor 
companies  is,  we  are  informed,  taken  from  the  treasury  of  the 
operating  company,  and,  if  there  is  no  accounting  kept  with 
these  minor  roads,  no  distribution  of  the  tax  is  made. 

Few,  if  any,  of  these  minor  companies  own  any  equipment  or 
tidewrater  terminals,  and  it  would  greatly  simplify  the  work  and 
records  of  the  state  if  the  tax  were  levied  against  the  system. 
This  will  be  more  appreciated  when  it  is  known  that  there  are 
one  hundred  and  twenty-five  railroad  and  canal  corporations 
operating  through  four  hundred  and  fifty  taxing  districts  in 
this  state. 

The  State  does  not  require  the  railroads  to  furnish  statements 
of  car  miles,  or  of  the  time  that  rolling  equipment  is  in  the 
state.  Such  data  should  be  compiled  in  order  to  assist  in  the 
allocation  of  such  equipment. 

Reports  are  made  to  the  comptroller  under  an  ancient  act  of 
1852,  amended  in  1873.  This  act  calls  for  a  brief  statement  of 


income  under  three  headings:  "Passenger,"  "Freight,"  and 
"Other  Sources" ;  also  for  a  statement  of  expenditures  under  the 
titles:  "Repairs,"  "Maintenance  of  Way,"  "Motive  Power"  and 
"Contingencies.' 

There  is  no  analysis  of  these  reports,  and  there  is  no  means  of 
knowing  whether  betterments  and  additions  are  included  in 
"Expenditures." 

Since  all  of  the  railroad  systems  are  interstate  roads,  there  is 
nothing  to  show  what  the  earnings  and  expenses  are  in  the  state. 

We  think  that,  if  it  is  to  be  required  hereafter  to  determine 
value  for  each  of  the  railroad  corporations,  then  these  corpora- 
tions should  be  required  to  furnish  statements  of  operating 
results. 

It  is  with  pleasure  that  I  direct  attention  to  the  men  who  com- 
posed my  staff.  The  work  was  difficult  and  trying,  and  required 
the  services  of  engineers  with  knowledge  of  railroad  construc- 
tion and  maintenance.  The  assistant  engineers  were  each  in 
charge  of  a  field  party  of  six  men.  They  were  required  to  copy 
their  field  notes  and  send  same  to  this  office  each  day ;  and  they 
were  also  required  to  make  computations  of  quantities  each  day 
after  the  field  work  was  completed.  They  were  industrious  and 
competent. 

I  have  been  ably  assisted  by  Mr.  Louis  Focht,  Chief  Engineer, 
whose  intimate  knowledge  of  all  the  railroads  of  the  State, 
gained  by  some  twelve  years'  study  as  Engineer  of  the  State 
Board  of  Assessors,  was  particularly  valuable. 

CHARLES  HANSEL, 

Expert  in  Charge. 

December  i8th,  191  r. 


INDEX. 


DESCRIPTION.  PAGE. 

Abandoned  Property,    181 

Accounts, 183 

Addresses,   187 

Age  Depreciation,  181 

Alignment,    189 

Appendix  A,  209 

Appurtenances,  Track  and  its,  196 

Ashlar  Masonry,  210 

Bells,  Highway-Crossing  Gates  and,  200 

Boilers,  200 

Books,  Notes  and  Their  Use,   204 

Boundaries,  Taxing  District, 190 

Bridges  and  Viaducts,  195 

Buildings,    198 

Centre  Line,  Fixing  the 188 

Character  of  Land, 191 

Classification, 179 

Classification  of  Masonry,   195 

Classification  of  Real  Estate,  201 

Conclusion,   207 

Cranes,    204 

Crossings,  Highway,  Gates  and  Bells,  200 

Crossings,  Highway,    194 

Cross   Sections,    191 

Depreciation,    Age,    181 

Dynamos  and  Electric  Generators,    202 

Electric  Generators,  Dynamos  and,    202 

Engines,   Steam,    ,.  203 

Equipment,    187 

Expense  Accounts,  •  • .  183 

Expenses,  Salaries  and,   182 

Fencing,  198 

Field  Books,  etc.,   185 

Field  Notes,  185 

Field  Parties,   182 

Field  Parties,  Organization  of,   187 

Fixing  Centre  Line,    188 

Forms,    •  • 205 

Gates  and  Bells, 200 

(171) 


172 

DESCRIPTION.  PAGE. 

General  Program  of  Field  Work 188 

Grading,   191 

Heating  Pipes,  203 

Highways  and  Highway  Crossings, 194 

Highway-Crossing  Gates  and  Bells,   200 

Interlocking,    Signaling   and,    205 

Land,  Character  of,  *. 191 

Land  and  Other  Real  Estate,  190 

Levels,    190 

Line,  Fixing  Center, 188 

Locating  Structures,   189 

Main  Stem, 1 79 

Masonry,    194 

Masonry,  Ashlar,    210 

Masonry,  Classification  of,   •  • 195 

Masonry,  Rubble,    209 

Masonry,  Squared-Stone,   209 

Method  of  Paving, 184 

Miscellaneous  Structures  and  Property,  200 

No  Publicity  Allowed,   : 185 

Note  Books  and  Their  Use, 204 

Object, 180 

Organization  of  Field  Parties,   187 

Other  Real  Estate,  Land  and,  190 

Paved  Streets,  •  • 194 

Paving,  Method  of,   184 

Pay  Roll, 183 

Photographs, 186 

Plans,  Signal, 205 

Precautions,  Safety,  185 

Premium  System,  206 

Property,  Abandoned,   181 

Property,  Age  Depreciation  and  Present  Value  of,  181 

Publicity,  No, 185 

Pumping  Wells,  Water  Tanks,  etc., 199 

Pumps,   202 

Real  Estate,    190 

Report  Cards,    186 

Rubble   Masonry,    209 

Safety  Precautions,   185 

Salaries  and  Expenses,    182 

Sections,  Cross,  191 

Signal  Forms,    205 

Signal  Plans, 205 

Signaling  and  Interlocking,  205 

Signals,     199 

Squared-Stone  Masonry,    209 

Steam  Engines,   203 


DESCRIPTION.  PAGE. 

Stem,  Main,   179 

Stone  Masonry,  209 

Streets,   Paved,    •  • 194 

Structures,  Locating,   189 

Supplies,    •  • 187 

System,  Premium,    206 

Taxing  Districts, 180 

Taxing  District  Boundaries,  190 

Telegraph  and  Telephone  Lines,   199 

Telephone  Lines,  Telegraph  and,  199 

Track  and  Its  Appurtenances,  196 

Track  Tanks,    199 

Track  Tools, 200 

Turn-Tables,     203 

Value  of  Property,  Present,   181 

Viaducts,  Bridges  and,   195 

Water  Supply,  198 

Water  Tanks  and  Pumping  Wells,  199 

Wells,  Pumping  and  Water  Tanks, 199 

Work,  Field,  General  Program  of, 188 


APPENDIX. 


General  Staff  Railroad  and  Canal  Revaluation,  J9H. 

Louis  FOCHT,  Chief  Engineer. 

EUGENE  Y.  ALLEN, Office  Engineer. 

ALBIN  G.  NICOLAYSEN,    Engineer  in  charge  of  Estimates,  Bridges 

and  Buildings. 

J.   S.   ARNOLD,   Assistant  Engineer  in  Charge  of  Field  Party. 

ROBERT  G.  BOWIE,    Assistant  Engineer  in  Charge  of  Field  Party. 

CHARLES  E.  BROWN,  Assistant  Engineer  in  Charge  of  Field  Party. 

THOMAS  E.  COLLINS Assistant  Engineer  in  Charge  of  Field  Party. 

H.  L.  FRYER,  Assistant  Engineer  in  Charge  of  Field  Party. 

EDWARD   J     GRASSMANN,    Assistant  Engineer  in  Charge  of  Field  Party. 

WILLIAM   M.  KENNEDY,    Assistant  Engineer  in  Charge  of  Field  Party. 

CHARLES  T.   LONG,    Assistant  Engineer  in  Charge  of  Field  Party. 

WILLIAM    McCoRMiCK,    Assistant  Engineer  in  Charge  of  Field  Party. 

WILLIAM   A.   ROBINSON,    Assistant  Engineer  in  Charge  of  Field  Party. 

WILLIAM  H.  HARRISON.  Machinery  Expert. 

WILLIAM  F.  KEOHAN,  Special  Assistant  on  Land. 

RICHARD  G.  SIEGEL,  Signal  Expert. 

C.  A.  DUBUY,   Inspector  of  Equipment. 

RAYMOND  W.  OAKLEY,    Chief  Clerk. 


(175) 


Railroad  and  Canal  Revaluation, 

State  of  New  Jersey. 
Instructions  for   Guidance   of   Employees, 


CHARLES  HANSEL, 

Expert  in  Charge* 

LOUIS  FOCHT, 

Chief  Engineer. 


(177) 


1 2  K  S 


OF  CHARLES  HANSEL,  EXPERT  IN  CHARGE  OF  REVALU- 
ATION OF  RAILROADS  AND  CANALS,  STATE  OF  NEW 
JERSEY,  #55  BROAD  STREET,  ELIZABETH,  N.  J. 

Rules  and  Instructions  for  the  Guidance  of  all  Employees 

in  the  Revaluation  of  Railroads  and  Canals, 

State  of  New  Jersey* 

May  ist,  1910. 


CLASSIFICATION. 

I.  The  length  and  value  of  the  main  stem  of  each  railroad, 
and  of  the  water-way  of  each  canal  and  the  length  of  each  main 
stem  and  water-way  in  each  taxing  district. 

II.  The  value  of  the  other  real  estate  used  for  railroau  or 
canal  purposes  in  each  taxing  district  in  this  state,   including 
the  roadbed  (other  than  main    stem),    water-ways,    reservoirs, 
tracks,  buildings,    water-tanks,    water-works,    riparian    rights, 
docks,  wharves  and  piers,  and  all  other  real  estate,  except  lands 
not  used  for  railroad  or  canal  purposes. 

III.  The  value  of  all  the  tangible  personal  property  of  each 
railroad  and  of  each  canal  company. 

IV.  The  value  of  the  remaining  property,  including  the  fran- 
chise. 

MAIN  STEM. 

The  term  "main  stem  of  each  railroad  company,"  as  used  in 
the  act  to  which  this  act  is  a  supplement  and  in  the  acts  amenda- 
tory thereof  and  supplementary  thereto,  shall  hereafter  be  held 
to  include  the  roadbed,  not  exceeding  one  hundred  feet  in  width, 
with  its  rails  and  sleepers,  and  all  structures  erected  thereon 

(179) 


i8o 

and  used  in  connection  therewith,  not  including,  however,  any 
passenger  or  freight  buildings  erected  thereon. 


GENERAL  INSTRUCTIONS. 

OBJECT. 

i.  The  object  is  to  secure  such  complete  notes  of  all  the 
property  belonging  to  or  used  by  the  railroad  and  canal  com- 
panies as  will  enable  this  office  to  make  up  a  complete  inventory 
of  all  tangible  property  belonging  to*  and  used  in  the  business 
of  the  railroad  and  canal  companies. 

The  duty  of  the  field  forces  is  to  measure  and  record  the 
physical  property  without  any  regard  to  the  purpose  for  which 
the  valuation  is  to  be  made. 

The  measurements,  records  and  notes  must  be  so  full  and 
clear  that  they  can  be  understood  and  worked  up  by  the 
draughtsmen,  computers  and  clerks  in  the  office. 


TAXING  DISTRICTS. 

2.  For  the  purpose  of  administering  the  laws  of  the  state 
relating  to  taxation,  it  is  necessary  to  take  note  of  the  geographi- 
cal boundaries  o>f  the  several  taxing  districts  through  which  the 
railroads  pass  and  to  inventory  separately  the  railroad  and  canal 
property  in  each  individual  taxing  district.  In  other  words,  each 
such  district  must  be  regarded  as  a,  composite  unit  in  making  up 
the  inventory.  The  notes,  therefore,  must  be  kept  with  this  sub- 
division in  view,  and  property  must  be  listed  in  the  district  in 
which  it  is  found.  Where  any  uncertainty  exists  as  to  the  loca- 
tion of  the  boundary  lines,  they  should  be  verified  by  inquiry  and 
observation,  though  it  will  not  be  necessary  to  actually  survey 
these  boundaries. 


ABANDONED  PROPERTY. 

3.  The  object  being  to  secure  an  inventory  of  property  now 
used  by  or  having-  some  present  value  to  the  railroad  and  canal 
companies   for  their  purposes,   abandoned   or   useless   property 
will  not  be  surveyed.     This  applies  particularly  to  abandoned 
roadbeds  formerly  occupied  by  the  main-line  tracks  of  railroads 
where  the  location  has  been  changed,  the  grading,  masonry  and 
other  structures  of  which  are  not  now,  nor  likely  to<  be  in  the 
future,   used   for  any   railroad  purpose.      Such   old   abandoned 
roadbed  and  other  structures  will  not  be  measured,  but  must  be 
reported  as   fully  as  circumstances  permit.     Movable  property 
found  in  such  abandoned  roadbeds,  such  as  old  rails  or  other 
railroad  material  having  a  market  value  or  that  may  be  again 
used  for  railroad  purposes,  will  be  inventoried,  and  the  land  will 
be  noted,  measured  and  reported. 

AGE  DEPRECIATION  AND  PRESENT  VALUE  OF  PROPERTY. 

4.  It  is  made  the  duty  of  this  office  to  make  a  true  and  com- 
plete inventory  and  appraisal  of  the  true  value  o>f  railroad  and 
canal  property.     In  order  to<  make  such  a  determination,  three 
principal  facts  or  elements  must  be  known : 

a.  What    would    be   the   value   of   the   permanent   way   and 
structures,  new,  at  the  present  time  and  under  existing  condi- 
tions. 

b.  To  what  extent  has  the  property  depreciated  in  use,  by 
reason  of  decrepitude  or  obsolescence,  since  it  was  constructed. 

c.  What  is*  the  value  of  the  land  used  for  railroad  and  caiiai 
purposes. 

It  is,  therefore,  very  important  that  the  age,  the  present  con- 
dition and  the  relative  part  of  the  useful  life  or  service  that  has 
already  expired,  of  the  various  items  of  property,  shall  be  noted 
and  recorded.  This  will,  generally,  be  estimated  by  the  assistant 
engineer  and  will  be  recorded  in  the  proper  column  of  the  note 
books  oo  a  scale  of  100.  The  number  "100"  will  be  used  to 
represent  the  condition  of  the  property  NEW  and  the  number  "o," 


182 

to  represent  the  value  when  the  property  is  WORN  OUT  and  must 
be  renewed.  Thus,  the  condition  of  a  new  cross  tie  would  t>e 
marked  "100";  but,  if  the  tie  were  so  decayed  or  worn  out  that 
it  should  be  at  once  replaced,  its  condition  would  be  marked  "o" 
(zero).  If  half  its  useful  life  had  been  served,  it  would  be 
marked  "50."  This  rating  will  be  regardless  of  the  original  cost 
of  the  article  and  of  its  value  as  scrap. 

No  definite  or  invariable,  general  rules  can  be  formed  to  guide 
the  engineer  in  this  rating.  He  should  obtain  all  the  facts  it  is 
practicable  to  get  and  exercise  his  best  judgment.  When  in 
doubt  about  specific  cases,  he  should  refer  the  matter  to  this 
office  and  ask  for  instructions.  The  actual  life  or  durability  o-f 
a  structure  is  not  always  a  sufficient  criterion.  Thus,  a  steel 
bridge  might,  so  far  as  natural  decay  or  endurance  of  wear  was 
concerned,  be  good  for  a  life  of  fifty  years;  but,  if,  because  of 
increased  weight  of  equipment,  it  should  be  renewed  in  five 
years  from  date  of  inspection,  its  useful  life  should  be  considered 
as  terminating  at  that  time. 


PARTIES. 


5.  The  field  parties  will  be  organized  under  the  direction  of 
the  chief  engineer  and  their  personnel  shall  not  be  changed  unless 
authority  is  given  by  this  office  or  by  the  chief  engineer,  except 
that  the  assistant  engineer  may,   in  emergencies,   fill  vacancies 
temporarily  and  may  employ  additional  temporary  help  if  neces- 
sary.   But  all  such  temporary  changes  shall  be  promptly  reported 
to  the  office,  with  full  names,  occupations,  rates  of  pay  and  time 
employed. 

SALARIES  AND  EXPENSES. 

6.  Salaries  and  rates  of  wages  will  be  fixed  by  this  office  and 
may  or  may  not  include  traveling  and  boarding  expenses,  while 
actually  at  work,  as  may  be  directed  or  approved.    Railroad  fare, 
instruments,  tools  and  equipment  will  be  furnished  by  the  State; 
but  all  expenses  for  subsistance  or  for  other  personal  matters 


must  be  paid  by  the  individual  incurring  same.  The  law  re- 
quires that  bills  for  purchases  amounting  to  five  dollars  and 
over  shall  be  accompanied  by  a  sworn  statement  by  the  seller, 
certifying  to  the  correctness  of  the  account,  etc.,  and  "Form 
12"  is  a  blank  for  this  purpose,  which  the  assistant  engineer  shall 
require  to  be  executed.  This  requirement,  to  make  a  sworn 
statement,  does  not  apply  to  expenditures  for  boarding  and  trav- 
eling. All  persons  authorized  to  return  expense  accounts  must 
comply  with  these  provisions. 

EXPANSE  ACCOUNTS. 

Expense  accounts  shall  be  made  out  on  "Form  n."  These 
expense  accounts  must  be  sworn  to  by  the  person  in  whose  favor 
they  are  made,  in  accordance  with  the  blank  affidavit  on  the  face 
of  the  voucher.  Expense  accounts  amounting  to  less  than  five 
dollars  do  not  require  to  be  thus  sworn  to. 

PAY  ROIJ,. 

Assistant  engineers  in  charge  of  field  forces  will  be  furnished 
with  "Form  9"  and  are  instructed  to  enter  on  same  the  names 
of  all  employees  under  their  direction,  together  with  the  occu- 
pation, rate  of  pay  per  month  or  per  day,  the  total  number  of 
days,  the  total  amount  earned,  deductions  from  the  total  amount 
earned,  and  the  amount  due. 

In  compliance  with  the  statutory  provisions,  it  will  be  neces- 
sary for  each  person  named  on  the  pay  roll  to  sign  same  in 
the  right-hand  column,  on  the  same  line  on  which  his  name  ap- 
pears in  the  left-hand  column,  before  the  pay  roll  is  sent  into  the 
office.  This  signature  is  necessary  to  conform  to  the  law. 

"Form  9"  must  be  filled  out  on  the  first  of  each  month,  unless 
otherwise  instructed,  and,  as  soon  as  filled  out,  the  assistant 
engineer  will  certify  to  the  correctness  of  same  on  the  certificate 
on  the  back  of  the  pay  roll,  which  reads  as  follows : 

"I  hereby  certify  that  the  persons  named  in  the  fore- 
going pay  roll,  or  estimate,  are  employed  solely  in  the 


1 84 

proper  duties  of  the  positions  and  employments  indicated, 
and  that  persons  described  therein  as  'laborers'  are  em- 
ployed at  ordinary  unskilled  labor  only." 

In  case  there  are  no  laborers  employed,  then  the  assistant  en- 
gineer may  draw  an  ink  line  through  the  words  "and  that  per- 
sons described  therein  as  'laborers'  are  employed  at  ordinary 
unskilled  labor  only."  The  assistant  engineer  will  then  forward 
the  same  to  this  office. 

METHOD  OF  PAYING. 

Payment  of  pay  roll  accounts  will  be  made  through  the  assist- 
ant engineer,  in  properly  addressed  and  sealed  envelopes,  for  each 
person,  which  will  be  prepared  and  delivered  to  the  assistant 
engineer  by  this  office.  Each  person,  on  receiving  one  of  these 
envelopes,  shall  open  it  and -count  its  contents  in  the  presence  of 
the  assistant  engineer  and,  if  found  correct,  he  shall  sign  the 
duplicate  pay  roll  in  the  right-hand  column,  opposite  the  entry 
of  his  name  on  the  pay  roll.  The  pay  envelopes  shall  be  delivered 
to  the  persons  to  whom  they  are  addressed  only,  except  in  cases 
where  a  written  order  for  the  same,  signed  by  the  payee  and 
sworn  to  before  a  notary  public,  shall  be  presented  to  the  assist- 
ant engineer.  In  such  cases,  the  person  receiving  the  envelope 
shall  write  the  name  of  the  person  whom  he  is  authorized  to 
represent,  together  with  his  own  name,  on  the  pay  roll  and  the 
written  order  shall  be  attached  thereto.  Undelivered  en- 
velopes shall  be  promptly  returned,  unopened;,  to  this  office. 
The  assistant  engineer  shall  be  held  personally  responsible 
for  the  delivery  of  pay  envelopes  to  any  person  other  than  the 
persons  to  whom  they  are  addressed.  All  persons  accepting 
service  under  the  direction  of  this  office  must  distinctly  under- 
stand that  this  office  is  acting  for  the  State  of  New  Jersey 
under  the  authority  of  special  legislation  and  that  all  pay  rolls 
have  to  be  sent  to  the  capitol  at  Trenton  for  approval  before 
they  can  be  paid,  and  it  is  probable  that  some  time  will  be  re- 
quired to  complete  the  transaction  and  to  deliver  the  money  into 
the  hands  of  the  several  employees;  and  it  is  to  be  generally 
understood  that  the  payment  may  not  be  made  earlier  than  two 


weeks  after  the  pay  roll  has  been  forwarded  to  this  office  by  the 
assistant  engineer.  A  supply  of  the  blank  forms  herein  referred 
to  will  be  furnished. 

SAFETY  PRECAUTIONS. 

7.  All  the  members  of  the  field  parties,  while  engaged  upon 
their  work,  must  exercise  the  greatest  care  to  avoid  accidents  to 
themselves  by  passing  trains.    They  should  not  walk  or  stand  on 
or  between  the  tracks  except  when  absolutely  necessary.     Each 
one  should  look  out  for  the  safety  of  the  others  as  well  as  for 
his   own   safety  and  warning   signals   should   be   given   at   the 
approach  of  trains.     This  office  assumes  no  responsibility  for 
any  accident  or  injury  that  may  occur. 

NO  PUBLICITY  ALLOWED. 

8.  While  everyone  with  whom  employees  may  come  in  con- 
tact, either  on  or  off  the  work,  should  be  treated  with  courtesy, 
reticence  about  the  business  or  work  of  this  office  must  be  the 
rule.     No  interviews  with  employees  must  appear  in  the  public 
press,  and  all  employees  are  cautioned  against  talking  of  their 
work  to  anyone  not  directly  connected  with  the  work. 

FIELD  BOOKS,  NOTES,  ETC. 

9.  All  field  books,    maps,    sketches,    notes    and    memoranda, 
computations  and  all  other  information  furnished  to  or  obtained 
or  prepared  by  the  assistant  engineers  or  by  members  of  field 
parties  or  other  office  or  miscellaneous  employees,  while  in  tfte 
employ  of  this  office,  are  the  property  of  this  office,  and  must  be 
returned  to  and  filed  in  this  offijce. 

DUPLICATE   COPY  OF   FIELD   NOTES. 

Each  evening  a  copy  of  the  field  notes  taken  during  that  day 
shall  be  made  upon  paper  furnished  for  that  purpose  and  shall 
then  be  mailed  to  this  office. 


i86 

As  note  books  become  filled,  they  shall  be  forwarded  to  this 
office,  by  express,  as  soon  as  practicable. 


PHOTOGRAPHS. 


Photographs  must  be  taken  of  all  important  structures,  sta- 
tions, bridges,  etc.  Views  should  be  taken  in  such  manner  as  to 
bring  out  the  salient  features  of  the  object. 


REPORT  CARDS,   FORM    IOA. 

10.  All  assistant  engineers  are  required  to  send  daily  reports  to 
this  office  on  cards  (Form  lo-A)  furnished  for  that  purpose,  and 
the  following  is  a  memorandum  of  the  points  to  be  covered : 

Number  of  station  at  which  work  was  begun  that  day  and 
number  of  station  at  which  work  was  stopped  for  the  day. 

In  case  it  is  necessary  to  show  a  distinction  between  the  sta- 
tions covered  by  the  topography  party  and  those  covered  by  the 
cross-section  party,  make  a  memorandum  stating  which  stations 
relate  to  topography  and  which  relate  to  cross-sections. 

Where  main  line  and  branch  lines  have  been  worked  on  dur- 
in  the  same  day,  make  a  distinction  between  the  main  line  and 
the  branch. 

The  number  of  'main  tracks  on  the  line  covered  for  that  day 
should  be  noted. 

Estimate  the  average  depths  of  cuts  and  fills  and  note  same 
on  card. 

Unless  the  distance  between  the  topographic  party  and  the 
cross-section  party  is  considerable,  note  the  stations  completed 
for  that  day. 

We  prefer  having  but  one  memorandum  made  for  the  daily 
progress. 

Be  careful  to  note,  under  the  head  of  remarks,  the  stations 
between  which  you  expect  to  work  during  the  following  day. 
This  is  necessary  in  order  that  we  may  be  able  to  locate  you 
should  we  desire  to  do  so. 


i87 

SUPPLIES. 

11.  Wherever  practicable,   the  assistant   engineer   will   make 
timely  requisitions  for  any  supplies  that  may  be  needed  on  the 
work;  but,   in  emergencies,   or  where  the  work  would   other- 
wise be  delayed,  he  may  make  necessary  purchases  in  the  field. 

ADDRESSES. 

12.  Assistant  engineers  will  keep  the  office  advised,  at  all  times, 
of  any  changes  in  their  mail  and  telegraph  addresses  and  tele- 
phone calls.     This  information  should  be  sent  in  with  the  daily 
progress  reports. 

FIELD  PARTIES  ON  GRADUATION  MASONRY,  BUILD- 
INGS AND  TRACK. 

ORGANIZATION    OF   FIELD   PARTIES. 


13.  A  field  party  for  inventorying,  graduation,  masonry,  build- 
ing and  track  will  generally  consist  of  one  assistant  engineer, 
one  field  assistant  and  four  chainmen. 

The  assistant  engineer  will  have  charge  and  control  of  the 
party  and  he  will  report  to  the  chief  engineer. 

EQUIPMENT. 

14.  Each  party  will  be  supplied  with  the  following  outfit : 

1  prismatic  compass. 

2  loo-foot  steel  chains. 

2  5o-foot  metallic  tapes  in  boxes. 

2  5o-foot  metallic  tapes  without  boxes. 

2  5-foot  folding  rules. 

I  level  rod. 

i  cross-section  rod. 

i  set  measuring  pins. 


1  88 

I  doz.  pieces  lumber  crayon. 

I  6-inch  triangular  scale. 

I   doz.  3-H  pencils. 

J4   doz.  note  books. 

YZ   doz.  pencil  erasers. 

i  pair  machinist's  calipers. 

i   register. 

y2  doz.  small  scratch  pads. 

i   camera. 

i   copy  Henderson's  Tables. 

Forms  and  stationery. 


PROGRAM    FOR    FIELD    WORK. 

15.  The  work  will  proceed  within  the  following  order: 

a.  The  centre  line  of  the  road  will  be  determined  and 

measured. 

b.  The  boundaries  of  land  will  be  ascertained,  measured 

and  sketched. 

c.  The  roadbed  will  be  cross-sectioned  for  computing  the 

excavation  and  embankment   (grading). 

d.  The  masonry  of  bridges,  culverts  and  other  structures 

and  all  piles,  timber  or  other  material  connected  with 
them  will  be  measured  and  recorded. 

e.  The  iron  and  steel  bridges  will  be  measured  and  re- 

corded. 

f.  The  track  and  all  its  appurtenances,   excluding  train 

signals,  will  be  measured  and  sketched. 
g.  The  buildings,  of  every  character,  will  be  noted. 
h.  Any  and  all  other  structures  and  fixed  and  movable 
property  of  the  railroad  will  be  noted. 

FIXING  THE  CENTRE  LINE. 

1  6.  The  CENTRE  LINE  of  the  railroad  will  be  assumed  to  be 
located  as  follows: 

On  single-track  roads,  midway  between  the  rails  of  the  main 
track. 


189 

On  double-track  roads,  midway  between  the  two  main  tracks. 
On  three-main-track  roads,  midway  between  the  rails  of  the 

middle  track. 
On  four-main-track  roads,  midway  between  the  inner  rails  of 

the  inside  tracks. 

ALIGNMENT. 

The  stations  of  ALL  points  of  curve  and  tangent  of  the  centre 
line  shall  be  noted,  together  with  the  direction  of  the  curve — 
namely,  whether  to  the  right  or  to  the  left.  The  degree  of  curve 
shall  also  be  determined  by  measuring  the  middle  ordinate  of  a 
loo-foot  chord  formed  by  stretching  the  chain  along  one  of  the 
rails. 

The  stations  of  the  points  of  curve  and  tangent  are  to  be 
determined  by  the  eye. 

Where,  for  any  reason,  the  centre  line  is  not  thus  clearly  de- 
fined or  where  it  is  difficult  to  determine,  as  at  terminal  stations, 
the  facts  should  be  submitted  to  this  office  and  the  necessary 
instructions  requested. 

LOCATING    STRUCTURES. 

Offset  measurements  from  the  centre  line  should  be  taken  to 
all  structures  to  determine  whether  they  are  to  be  classed  as 
main  stem  or  as  second-class  property;  all  the  structures  within 
the  loo-foot  width  being  main  stem,  excepting  passenger  and 
freight  stations,  and  those  outside  being  second-class  property. 
In  some  cases,  structures  will  be  found  partly  inside  and  partly 
outside  the  main  stem.  In  such  cases,  sufficient  measurements 
are  to  be  taken  to  determine  the  portion  lying  inside  and  that 
lying  outside  the  main  stem.  Too  much  time  must  not  be  given 
to  unimportant  details. 

The  location  of  the  mile  posts  should  be  noted  and  recorded. 
Station  "o,"  and  each  one  thousand  feet  thereafter  should  be 
marked  by  a  vertical  chalk  line  on  the  outside  of  the  left-hand 
rail  and  the  station  number  should  be  marked  uponi  the  nearest 
tie. 


190 


TAXING  DISTRICT  BOUNDARIES. 

At  the  point  where  the  boundary  line  of  taxing  district  crosses 
the  centre  line,  the  station  and  direction  of  the  boundary  shall  be 
noted. 

The  centre-line  chaining-  should  be  done  with  sufficient 
accuracy  so  that  the  error  shall  not  exceed  0.5  foot  per  mile. 


17.  No  continuous  line  of  levels  will  be  taken  along  the  centre 
line.  For  all  cross-section  and  measurement  work,  the  base  of 
the  left-hand  rail  nearest  the  centre  line  will  be  used  as  a  datum. 
Elevations  above  this  datum  are  to  be  marked  "plus"  and  those 
below  "minus."  These  elevations  will,  generally,  be  taken  with 
a  Locke  level  or  with  the  cross-section  rod. 


LAND  AND  OTHER  REAL  ESTATE. 

1 8.  Where  possible,  plats  of  the  more  important  parts  will  be 
supplied,  to  the  assistant  engineers,  purporting  to  show  the  loca- 
tion and  the  dimensions  of  the  land  belonging  to  or  controlled 
by  the  railroad  company.  These  should  be,  generally,  verified 
or  corrected  in  the  field;  but  it  is  not  intended  that  complete 
surveys  shall  be  made. 

However,  where  there  appears  reason  to  believe  that  the  plafs 
are  inaccurate  or  incomplete,  sufficient  measurements  should  be 
made  to  verify  or  to  correct  them. 

All  lands  belonging  to,  or  reputed  as  belonging  to  or  as  being 
controlled  by  the  railroad  company,  whether  shown  on  the  plats 
or  not,  or  whether  contiguous  to  the  right  of  way  or  not,  should 
be  noted  and  reported ;  and  all  obtainable  information  relating  to 
the  location,  extent  and  character  of  the  property,  and,  particu- 
larly, to  the  use  made  of  same,  should  be  given.  Where  build- 
ings other  than  railroad  structures  are  found  on  such  land,  their 


general  character  and  size  should    be    reported;    but    detailed 
descriptions  of  buildings  o<f  this  character  need  not  be  given. 

CHARACTER  OF  LAND. 

Assistant  engineers  are  required  to  note  the  character  of  the 
land  adjoining  the  right  of  way  along  all  lines,  recording  the 
same  on  their  notes  and  reports.  Classify  same  under  the  fol- 
lowing headings: 

TIMBER  LAND,  MARSH  LAND,  SALT  MEADOWS,  FARM  LAND, 
UNDEVELOPED  BUILDING  LAND,  CITY  PROPERTY. 

GRADING. 

19.  Under  this  head,  will  be  classed  the  excavations  and 
embankment  for  the  roadway,  side  ditches,  etc.  Excavations 
for  foundations  of  structures  should  be  noted  separately;  also, 
excavations  and  emibankments  for  wagon  roads,  ground  for 
buildings,  etc.  The  dimensions  for  ordinary  side  ditches,  where 
not  standard,  may  be  roughly  measured  or  estimated  by  the  eye. 

CROSS  SECTIONS. 

Cross-sections  of  the  cuts  and  fills  of  the  roadbed  shall  be 
taken  at  such  distances  apart  as  may  be  necessary  to  compute 
with  approximate  correctness  the  cubic  contents  of  the  interven- 
ing prisms,  which  may  be  anywhere  from  ten  feet  to  five 
hundred  feet  long,  as  the  configuration  of  the  original  ground 
surface  may  permit. 

Generally,  it  will  be  found  that,  in  constructing  the  road, 
standard  widths  of  roadbed  and  degrees  of  slopes  were  used. 
Where  this  is  found  to  be  so,  it  will  be  necessary  to  measure  and 
record  only  the  outside  cut  or  fill  on  each  side,  giving  a  general 
statement  of  the  standard  dimensions.  Where  such  standard 
dimensions  do  not  apply,  sufficient  measurements  must  be  taken 
to  compute  the  area  of  the  cross-section  with  reasonable  accuracy. 


192 

The  width  of  the  roadbed  with  the  depth  and  distance  out  at  the 
junction  of  the  slopes  and  the  original  natural  surface  will  be, 
usually,  sufficient  in  such  cases.  Cuts  and  fills  may  be  determined 
with  cross-section  rods.  Waste  banks  and  borrow  pits  will  not 
be  included  in  the  measurements  unless  they  are  of  some  present 
utility  to  the  road;  but  deviations  from  the  standard  width  of 
the  roadbed  or  of  the  slopes  caused  by  or  resulting  from  the 
construction  or  the  subsequent  maintenance  of  the  road  should 
be  measured.  Thus,  a  slide  in  a  cut  which  it  was  not  necessary 
to  remove  will  be  measured  like  any  other  excavation.  It  will, 
no  doubt,  often  be  found  that  it  is  difficult  to  determine  accur- 
ately the  original  outer  cut  or  fill;  and,  where  this  is  the  case, 
the  assistant  engineer  will  use  his  best  judgment  in  the  matter. 
In  the  proper  columns  of  the  note  book,  the  following  inform- 
ation should  be  recorded : 

a.  The  character  of  the  material  excavated  from:  cuts  if  other 
than  that  which  should  be  classed  as  earth,  hard  pan,  solid  rock, 
loose  rock,  etc.    Where  two  or  more  kinds  of  material  are  found 
in  the  same  cross-section,  the  notes  must  give  the  necessary  data 
for  computing  each  separately. 

b.  The  condition  of  the  slopes,  whether  sodded  or  bare,  and 
an  abnormal  condition  found.     If  terraced,  a  rough  estimate  of 
the  work  required  for  terracing,  etc.,  should  be  noted. 

c.  If  retaining  walls,  slope  walls,  or  rip  rap  of  any  kind  are 
found   at   the    foot   of   the   slopes,    their   location,    dimensions, 
character  of  material,  quality  O'f  workmanship  and  present  con- 
dition should  be  noted  so  that  the  quantities  can  be  computed. 

d.  In  cuts  and  embankments  extending  outside  of  the  standard 
road  section,  where  such  extra  width  is  of  present  utility  to  the 
road,  the  purpose  for  which  work  is  useful  should  be  noted. 

e.  All    changes    of    streams,    drainage    ditches    other    than 
standard  side  ditches,  excavations  for  foundations  of  structures, 
embankments  for  dikes,  etc.,  should  be  measured  and  recorded; 
and,  where  it  was  "probably  wet,"  that  fact  should  be  noted. 
However,   work   of   this   class   made   for   abandoned   roadbeds, 
and  not  necessary  or  useful   for  the  protection  of  the  present 
roadbed,  should  not  be  included. 


193 

f.  Where  embankments  end  against  bridge  abutments,  the 
station  and  plus  of  the  terminal  cross-section  should  be  so  chosen 
that  the  adjoining  prism  will  give  the  quantity  of  embankment 
with  approximate  correctness. 

Field  engineers  are  required  to  work  up  their  cross-section 
notes  every  evening  after  the  day's  work  is  finished.  These 
calculations  must  be  made  in  accordance  with  the  following 
instructions  (Henderson's  Earthwork  Tables  are  furnished  as  a 
part  of  the  equipment)  : 


AREAS  OF  CROSS-SECTIONS. 

(See  Diagrams.) 

Using  Formula    A=*/2-  (h"  (B'+b")  +h'  (B"+b')  ). 

Having  obtained  from  notes  the  values  of  h',  h",  (B'+b") 
and  (B"+b') 

Find,  fromi  the  scale  at  the  side  of  the  diagram,  the  horizontal 
line  corresponding  to  the  value  of  (B'+b"). 

Find  the  point  where  this  line  intersects  one  of  the  oblique 
lines  corresponding  to  the  value  of  h". 

The  value  of  the  vertical  line  (read  at  top  or  bottom  of  the 
diagram)  running  through  the  intersection  gives  the  value  of 
y2  (h"  (B'+b")  )  in  square  feet. 

Find  similarly  the  value  of  y2  (h'  (B"+rY)  ). 

The  sum  of  the  two  above  values  gives  the  area  required  in 
square  feet. 

EXAMPLE. 

Assume    Section    +2.0 — 1.3  —1.1+6.8 

17      14  13      27 

then  h'=3.3;  ^'=7.9;  t/=i4;  b"=i3;  B'=  17;  B"=27;  and 

h'  (B"+b')=3-3  (4i)  ;h"  (B'+b")=7-9  (3<>). 

Find  on  the  diagram  the  horizontal  line  corresponding  to 
B"+b'=4i.  This  is  the  second  line  above  the  40  at  the  left  of 
the  sheet. 

I3ES 


194 

Follow  this  horizontal  line  across  the  page  to  the  point  of 
intersection  with  an  oblique  line  representing  ^=3.3  (Inter- 
polate between  lines  shown  for  h=3  and  h=4).  Following  the 
vertical  line  running  through  this  point  (bottomi  of  the  diagram) 
it  will  be  found  to  be  at  68.  Similarly,  the  value  of  h"  (B'+b") 
is  found  to  be  119.  Adding  these  two  gives  the  area  required 

-187. 

HIGHWAYS   AND    HIGHWAY    CROSSINGS. 

20.  Care  must  be  taken  to  ascertain  whether  highways, 
parallel  to  or  adjoining  the  railroad,  were  graded  by  the  railroad 
company;  and,  where  this  is  so,  the  quantity  of  grading  must 
be  measured. 

It  will  be  assumed,  in  the  absence  of  information  to  the 
contrary,  that  highway  crossings  of  the  railroad  were  graded  by 
the  company,  and  the  quantity  of  such  grading,  as  well  as  all 
other  materials  used  in  the  construction,  will  be  measured. 


PAVED  STREETS. 

21.  Pavedi  streets  or  driveways  along  side  tracks,  etc.,  con- 
structed by  or  for  the  railroad  company,  and  for  its  use,  should 
be  measured  and  reported  and  the  quantities  of  excavation  and 
foundation  noted,  as  well  as  the  kind  and  area  of  surface  pave- 
ment used, 

Sufficient  measurements  are  to  be  taken  to  determine  the  por- 
tions inside  and  outside  the  main  stem. 

MASONRY. 

All  masonry,  of  whatever  kind,  constructed  by  or  for  the  rail- 
road company  and  now  utilized  by  it,  will  be  measured  with 
eare.  It  is  possible  that  the  plans,  quantities,  etc.,  of  some  of 
these  structures  may  be  obtained  from  the  railroad  company;  in 
which  case,  the  assistant  engineer  will  be  notified  by  this  office. 
In  such  cases,  only  the  location  of  the  structure  and  notes  of  its 


195 

present  condition  need  be  recorded  by  the  assistant  engineer. 

Where  it  is  necessary  to  measure  up  such  work,  it  may  not 
always  be  possible  to  get  the  dimensions  of  parts  that  are  covered 
up  or  of  the  depth  and  dimensions  of  foundations.  In  such  cases, 
the  assistant  engineer  will  use  his  best  judgment  in  noting  the 
dimensions  of  the  parts  not  accessible  for  measurement ;  but  such 
assumed  or  approximate  dimensions  must  be  followed  by  an 
interrogation  mark. 

Rough  sketches  of  all  masonry  structures,  with  marked  dimen- 
sions, will  be  used  to  record  masonry  structures. 


CLASSIFICATION   OF  MASONRY. 

Masonry  will,  generally,  be  classified  in  accordance  with  the 
report  of  the  committee  of  the  American  Society  of  Civil 
Engineers  (See  Appendix  A).  Brick  and  concrete  masonry  will 
each  form  a  class  by  itself.  Note,  in  each  case,  whether  the 
masonry  is  laid  dry  or  in  mortar. 

The  character  of  the  foundations  of  masonry  structures, 
whether  of  masonry,  concrete,  piles  or  timber,  the  dimensions 
of  same,  the  present  condition  and  all  information  necessary  to 
estimate  the  value  will  be  noted  as  a  part  of  masonry  structures. 


BRIDGES  AND  VIADUCTS. 

23.  It  is  expected  that  the  quantities  of  metal  in  all  bridges 
may  be  obtained  from  the  railroad  company,  in  which  case  the 
assistant  engineer  will  be  notified.  Otherwise,  sufficient  measure- 
ments must  be  taken  to  enable  the  weights  to  be  computed  with 
reasonably  close  approximation. 

In  measuring  and  recording  the  dimensions  of  bridges,  the 
following  general  instructions  will  be  used : 

a.  In  pin-connected  bridges,  with  parallel  top  and  bottom 
chords,  the  length  of  span  will  be  from  centre  to  centre  of  end 
pins  and  the  heighth,  the  vertical  distance  between  the  centres 
of  top  chord  and  bottom  chord  pins. 


196 

Where  the  chords  are  not  parallel,  the  depths  at  the  ends  and 
at  the  centre  of  the  span  alone  will  be  noted.  The  width  will 
be  measured  from  centre  to  centre  of  outside  trusses.  The 
number  of  trusses  and  of  tracks  carried  shall  be  noted. 

Ordinarily,  it  will  not  be  necessary  to  measure  all  the  mem- 
bers of  the  truss,  but  the  length  and  size  of  end  posts  and  sec- 
tions of  the  top  and  bottom  chords  at  the  middle  of  span  should 
be  obtained  and  recorded.  The  character  of  the  floor  should  be 
noted  and  the  floor  sketched.  In  riveted  trusses  the  length  will 
be  measured  from  out  to  out  and  the  height  from,  centre  to 
centre  of  chords. 

b.  Plate  girder  bridges  should,  usually,  be  sketched  and  all 
important  dimensions  given.     In  the  cases  of  wooden  and  pile 
bridges,  the  notes  taken  should  be  sufficient  to  enable  the  compu- 
tation of  quantities  to  be  made  with  approximate  correctness. 

c.  In  the  case  of  highway  bridges  over  railroads,  it  should  be 
ascertained  whether  they  were  erected  by  and  wholly  owned  by 
the  railroad  companies.     Where  they  are  wholly  owned  by  the 
railroad  companies,  the  exact  condition  of  ownership  should  be 
ascertained  and  reported.     Bridges  in  which  the  railroad  com- 
panies have  no  interest  need  not  be  carefully  measured. 

Bridges  and  viaducts  will  be  located  by  giving  the  station  and 
plus  at  the  face  of  abutments  and  the  centre  of  piers.  If  the 
bridge  is  numbered,  its  number  (and  its  commion  name)  should 
be  given. 

(See  Diagrams.) 


TRACK  AND  ITS  APPURTENANCES. 

24.  Generally,  the  measurements  and  notes  obtained  and 
sent  in  must  be  sufficient  to  enable  the  draughtsmen  to  make  a 
complete  rruap  of  the  work,  showing  the  location  of  all  tracks  and 
track  appliances  and  appurtenances. 

Among  other  facts  to  be  noted  are  the  following : 
a.  Weight,  date  of  rolling  and  present  condition  of  rails.     In 
connection  with  the  work,  it  will  be  understood  that  it  will  be 
necessary  to  make  a  note,  every  few  miles,  of  the  length  of  rails 


i97 

used  on  the  various  roads  which  are  being  examined.  This 
AY  ill  be  necessary  in  order  to  enable  this  office  to  determine  the 
number  of  splice  bars  used  per  mile.  The  measurement  should 
be  taken,  to  test  the  length,  in  order  to  determine  whether  any 
change  occurs. 

The  division  points  where  changes  occur  between  the  use  of 
rails  of  different  lengths  should,  of  course,  be  noted. 

For  example :  If  30'  rails  should  be  used  up  to  a  certain  sta- 
tion and,  at  this  point,  33'  or  45'  rails  were  used,  the  station 
should  be  noted  and  a  memorandum  should  be  made  to  that  effect. 

To  determine  the  size  and  weight  of  rail  sections,  take  the 
measurement  shown  on  the  accompanying  blue  print.  Wherever 
stub  ends  of  rail  can  be  found,  trace  the  contour  of  the  section 
upon  a  piece  of  paper  and  forward  to  this  office  with  the  regular 
notes. 

Most  Roads  place  emergency  rails  along-  the  right  of  way  at 
intervals  of  a  mile  or  two.  These  can  be  used  for  this  purpose 
where  available. 

One  diagram  of  this  character  will  answer  between  all  points 
where  this  rail  has  been  used.  Diagrams  are  to  be  forwarded  to 
this  office  with  a  memorandum  giving,  as  nearly  as  possible, 
the  stations  between  which  the  section  will  apply. 

To  confirm  weights  obtained  in  this  manner,  make  inquiry  of 
engineers,  supervisors  and  track  foremen  as  to  the  weights  of 
rails  in  use.  This  latter  information  shall  be  recorded  in  notes 
with  the  source  from  which  obtained. 

b.  Kind,  dimensions  and  weight  of  rail  joints,  tie  plates,  rail 
braces  and  spikes. 

c.  Kind  and  condition  of  ties  and  number  used  per  mile. 

d.  Kind  and  condition  of  ballast  used.     The  width,  depth  and 
contour  of  the  ballast  will  be  assumed  to  be  in  accordance  with 
the  standard  sections  adopted  by  the  railroad,  except  in  cases 
where,    for   good   reasons,    same   does    not   obviously   conform 
thereto. 

e.  The  character  and  condition  of  all  switch  stands  and  their 
attachments  will  be  noted. 

f.  All  other  property  or  appliances  not  mentioned  above,  con- 
nected with  or  appurtenant  to  the  tracks,  shall  be  noted  and  re- 
corded, unless  distinctly  excepted  in  these  rules. 


198 

MAIN  STEM  AND  SECOND-CLASS. 

Sufficient  measurements  must  always  be  taken  to  separate  the 
length  of  the  trackage  within  the  main  stem  from  that  without, 
or  second-class  property. 

Where  siding  and  spur  tracks  extend  into  factories  and  other 
private  industries,  inquiry  must  be  made  to  determine  the  extent 
of  the  railroad  company's  ownership. 

BUILDINGS. 

25.  Sufficient  measurements  and  notes  are  to  be  taken  to  ac- 
curately locate  the  position  and  dimensions  of.  every  building 
found  on  railroad  property  or  used  for  railroad  purposes,  and 
all  data  necessary  to  enable  an  estimate  to  be  made  of  their 
value  shall  be  taken,  except  in  cases  where  satisfactory  plans 
are  obtainable.     Office  furniture  and  supplies  shall  be  observed 
and  estimated,  but  no  itemized  list  shall  be  made. 

FENCING. 

26.  The  length  (in  feet),  character,  age  and  present  condition 
of  all  fencing  on  railroad  land  will  be  measured  and  noted.    Snow 
fences,  wherever  found,  should  be  noted. 

WATER  SUPPLY. 

27.  The  field  forces  will  be  expected  to  record  all  data  under 
"water  supply."     All  other  machinery  will  be  taken  by  the  ma- 
chinery expert.     Under  this  head  shall  be  measured  and  noted 
all  property  connected  with  the  supplying  of  water  to  locomotives 
and  shops,  and  for  any  purpose  other  than  plumbing  in  passenger 
and  freight  station.     Among  the  items  covered  under  this  head 
may  be  enumerated : 

The  work  and  material  for  all  intakes,  dams,  reservoirs  and 
their  appurtenances. 


199 

All  pipe  and  specials  used  for  conveying  water. 

All  pumip  houses  and  the  pumps  and  machinery  therein. 

All  water  towers,  tanks  and  standpipes. 

All  track  water  troughs  and  their  attachments. 

All  out-door  hydrants  for  fire  or  other  purposes. 

TRACK  TANKS. 

Measure  section  and  length  or  troughs;  measure  the  lengfth 
and  dimensions  of  all  drains  under  tracks,  or  elsewhere,  used  in 
connection  with  the  tank.  Obtain  the  size  and  length  of  alt 
steam-heating  pipes  and  water-supply  pipes. 

WATER  TANKS  AND  PUMPING  WELLS. 

Measure  the  diameter  of  all  tubs  and  length  of  staves.  Obtain 
dimensions  of  trestle  supports;  size  and  character  of  masonry 
and  concrete  foundations;  the  rated  capacity  (in  gallons)  of  the 
tank,  together  with  condition  of  tank. 

^or  pumping  wells :  Measure  the  diameter  and  depth  of  the 
well  and  the  dimensions  of  the  lining  or  curbing,  if  any.  The 
object  is  to  obtain  sufficient  data  for  the  purpose  of  making  an 
estimate  of  cost. 

SIGNALS. 

28.  The  assistant  engineer  will,  unless  otherwise  instructed, 
ignore  the  property  and  appliances  of  the  track  signaling  system,. 
and  the  interlocking,  except  that  the  LOCATION  of  signal  towers 
and  other  important  fixtures  will  be  noted  so  that  they  may  be 
properly  inserted  on  map. 

All  other  signs,  mile  posts,  road-crossing  or  crossing  gatesr 
whistle  and  bell  signals,  etc.,  shall  be  inventoried  and  described. 

TELEGRAPH    AND  TELEPHONE   LINES. 

29.  Estimate  the  height  of  poles  and  determine  the  number 
per  mile.     Note  the  number  of  cross-arms  and  the  number  of 


2OO 

pins  in  each;  also,  note  the  number  of  wires  and  distinguish, 
where  possible,  between  copper  and  iron.  Indicate  the  number 
of  guys. 

HIGHWAY-CROSSING  GATES  AND  BELLS. 

30.  All  highway-crossing  gates  and  bells  are  to  be  located  and 
the  name  of  maker  taken;  also,  the  method  of  operation  is  to 
be  described.  In  case  of  bells,  state  whether  controlled  by  line 
or  by  track  circuits,  giving  the  length. 


TRACK  TOOLS. 

-U.  All  track  tools  found  in  section  houses  or  on.  the  road, 
including  hand  cars  and  small  trucks,  shall  be  inventoried. 
Where  construction  or  reconstruction  work  may  be  in  progress, 
the  plant  and  tools  employed  (including  derricks,  engines, 
boilers,  pile  drivers,  pumps,  etc.),  when  they  belong  to  the  rail- 
road company,  and  all  the  construction  material  will  be  in- 
ventoried; but  not  the  locomotives  or  the  flat  cars  that  belong 
to  the  rolling-stock  equipment  of  the  road. 


MISCELLANEOUS  STRUCTURES  AND  PROPERTY. 

32.  Care  must  be  taken  to  include  in  the  inventory  all  and 
every  structure,  property  or  appliance  used  for  railroad  purposes, 
whether  enumerated  herein  or  not,  recording  all  the  data 
necessary  to  form  an  estimate  of  its  cost  or  present  value. 

The  field  parties  are  expected  to  make  complete  records  of  all 
real  estate  and  of  such  tangible  personal  property  as  is  found 
along  the  line ;  also,  general  supplies  in  stations,  section  houses, 
etc.  All  machinery  not  listed  under  "Real  Estate"  will  be  taken 
by  the  machinery  expert. 


2OI 


CLASSIFI CATION  OF  REAL  ESTATE. 


1.  Ash-handling  machinery.  35. 

2.  Aerial  tramways.  36. 

3.  Ballast.  37. 

4.  Boilers,  38. 

5.  Bridges.  39. 

6.  Buildings.  40. 

7.  Cables.  41. 

8.  Canals.  42. 

9.  Cattle  guards.  43. 

10.  Chimneys.  44. 

11.  Cisterns.  45. 

12.  Conduits.  46. 

13.  Conveyors.  47. 

14.  Crossing  gates.  48. 

15.  Culverts.  49. 

1 6.  Cupolas.  50. 

17.  Dams.  51. 

1 8.  Docks. 

19.  Electric  wiring.  52. 

20.  Elevators.  53. 

21.  Coal-handling   stations.  54. 

22.  Fencing.  55. 

23.  Fixed  cranes, 

24.  Foundations.  56. 

25.  Gas  piping  and  fixtures.  57. 

26.  Grain  elevators.  58. 

27.  Heating  apparatus. 

28.  Hydrants.  59. 

29.  Incline  machinery,  canal.  60. 

30.  Interlocking.  61. 

31.  Lands  used  for  R.  R.  pur-        62. 

poses.  63. 

32.  Lighting  apparatus.  64. 

33.  Lock-operating  machinery.       65. 

34.  Oiling  system.  66. 


Piers. 

Pipe  lines. 

Pavements. 

Planking  or  guard  rails. 

Reservoirs. 

Riparian  rights. 

Roadbed. 

Road  crossing. 

Sanitary  apparatus. 

Sewers. 

Shafting. 

Shop  fixtures. 

Shop  tracks. 

Signs. 

Signal  apparatus. 

Smoke  stacks. 

Storage   warehouse     and 

miscellaneous  structures. 
Structures. 
Switch  boards. 
Tanks. 
Telegraph     and     Telephone 

lines. 

Tile  dram  lines. 
Tracks. 
Track    appurtenances     in 

place. 

Track  scales. 
Tramways. 
Transfer  tables. 
Traveling  cranes, 
Trestles. 
Tunnels. 
Turntables. 
Viaducts. 


2O2 

6y.  Water  lines.  71.  Water  works. 

68.  Water  purifying  plants.  72.  Wells. 

69.  Water  tanks.  73.  Wharves. 

70.  Water-ways.  74.  Windmills. 

All  items  of  fixed  character  not  enumerated  in  the  foregoing 
list  are  to  be  classified  as  real  estate. 

The  following  must  be  carefully  noted  by  the  assistant 
engineers : 

BOILERS. 

Name  of  maker,  if  obtainable;  type — i.  e.,  whether  vertical, 
locomotive,  return  tubular  or  water  tube.  For  vertical  and 
locomotive  boilers,  measure  diameter  or  circumference  at 
the  waist.  Obtain  the  length  of  the  boilers;  the  number;  the 
diameter  and  the  length  of  flues ;  the  diameter  and  approximate 
height  of  stack;  and  the  rated  horse  power  of  the  boilers.  This 
latter  information  can,  usually,  be  obtained  from;  the  engineer 
or  from,  the  fireman.  Also,  obtain  the  age  and  condition  of 
boilers. 

PUMPS. 

Name  of  maker.  State  whether  single  or  duplex  and  give 
diameter  of  steam  cylinder.  Give  diameter  of  water  cylinder 
and  length  of  stroke;  also,  diameter  of  steam  pipe  and  size  of 
suction  pipe  and  of  the  discharge  pipe. 

DYNAMOS   AND  ELECTRIC   GENERATORS. 

Name  of  maker.  Age  and  condition.  Type  of  machine; 
whether  direct  current  or  alternating;  also,  get  a  record  of  the 
rating  plate,  which  usually  gives  the  number  of  machine,  the 
volts  pressure,  the  amperes  and  the  kilowatt  capacity.  If  this 
data  is  not  given  on  rating  plate,  obtain  best  record  possible  by 
inquiry. 


203 

STEAM  ENGINES. 

Where  found  in  pumping  plants  along1  line,  give  name  of 
maker;  kind  of  engine — i.  e.,  whether  simple,  compound  or  triple 
expansion;  the  diameter  of  cylinders;  also,  length  of  stroke; 
steam  pressure  for  which  the  engine  was  designed;  and  rated 
horse  power. 

HEATING  PIPES. 

In  all  shops  and  roundhouses,  storehouses,  etc.,  with  the 
exception  of  the  Meadows  Shops  and  the  Trenton  Shops, 
•measure  the  linear  feet  of  stean>heating  pipe  in  the  buildings; 
also,  obtain  diameter  of  the  piping,  in  order  that  we  may  calcu- 
late the  linear  feet  of  each  size  of  pipe,  miaking  a  record  of  all 
miani folds  or  headers  connecting  the  ends  of  the  heating  coils. 
In  case  goose  necks  or  return  bends  are  used  in  place  of  headers, 
a  memorandum  should  be  made  to  that  effect. 


TURNTABLES. 

Measure  the  diameter  of  the  turntable,  the  thickness  and  the 
height  of  centre  wall,  and  the  width  of  bench  supporting  centre 
rail.  Note  the  weight  and  the  method  of  supporting  centre 
rail,  the  size  of  the  centre  pier;  the  kind  of  paviijg  in  pit,  if  any; 
the  style,  the  make  and  rated  horse  power  of  motor  operating 
turntable;  also,  take  measurements  of  girders,  such  as  the  depth 
and  thickness  of  the  web  stiffners,  the  number  and  the  dimensions 
of  members  comprising  the  cross  frames,  together  with  the 
lateral  bracing.  In  case  the  measurements  for  one  turntable 
can  be  applied  to  another,  detailed  measurements  need  not  be 
repeated ;  but  a  reference  note  should  be  made  to  that  effect.  In 
such  cases,  however,  it  will  still  be  necessary  to  measure  the 
diameter  of  the  pit,  the  length  of  the  turntable,  and  the  depth 
at  centre  and  ends,  together  with  the  cross  spacing  of  the  girders. 


2O4 
CRANKS. 

For  cranes  of  standard  pattern,  such  as  the  freight  transier 
cranes  manufactured  by  the  Industrial  Iron  Works,  Bay  City, 
Michigan,  it  will  simply  be  necessary  to  obtain  the  height  of  the 
girders  above  the  ground,  the  distance  between  the  supports, 
the  capacity  o<f  the  crane  and  memoranda  as  to  the  method  of 
operating  same,  and  the  dimensions  of  the  foundations.  In  other 
cases,  it  will  be  necessary  to  make  more  complete  measure- 
ments. 

Of  course,  it  is  always  understood  that  the  name  of  the  maKer 
of  each  crane,  together  with  the  number,  should  be  reported 
where  same  can  be  ascertained.  For  cranes  or  derricks  of  special, 
design,  where  found  on  docks,  on  trestles  or  in  yards,  a  sketch 
should  be  made,  to  give  a  general  idea  of  the  design  of  such 
machines,  in  addition  to  the  information  asked  for  above. 


NOTE  BOOKS  AND  THEIR  USE. 

Note  books  will  be  provided,  and  the  notes  are  to  be  kept  in 
accordance  with  the  standard  form  shown  in  appendix. 

Topography  note  books  on  the  main  line  will  be  numbered 
"T-i,"  "T-2,"  etc.,  in  consecutive  order,  for  the  whole  line. 
The  topography  notes  fo»r  the  branch  lines  will  be  numbered 
"TB-i,"  "TB-2,"  etc.,  in  consecutive  order,  for  all  branches. 
All  cross-section  notes  on  the  main  line  will  be  numbered  "X-i," 
"X-2,"  etc.,  in  consecutive  order,  for  the  whole  line.  The  cross- 
section  notes  of  branch  lines  will  be  numbered  "XB-i,"  "XB-2," 
etc.,  in  consecutive  order,  for  all  branches. 

When  the  cross-section  party  is  engaged  in  measuring  buildings 
or  other  structure,  note  books  will  be  numbered  "ST-i," 
"ST-2,"  etc. 

As  many  branch  lines  may  be  recorded  in  the  note  books  as 
convenient. 


205 

SIGNALING  AND  INTERLOCKING. 

34.  The  assistant  engineer  in  the  signal  department  will  be 
called  the  "Signal  Engineer,"  and  he  will  report  directly  to  this 
office. 

35.  It  is  expected  that  the  field  inspectors  will  be  furnished 
complete   signal   plans    of   each    interlocking  plant   and   signal 
system.     In  case,    however,    such    complete    plans    cannot    be 
obtained  from  the  railroad,  it  is  expected  to   furnish  the  field 
inspectors  with  the  plans  showing  all  the  tracks  involved  in  the 
signal  installation. 

SIGNAL  PLANS. 

In  case  complete  signal  plans  are  furnished,  then  the  field 
inspectors  will  check  location  of  all  signals  and  switches  operated; 
and,  in  checking  the  location  of  such  signals  and  switches, 
reference  should  be  made  to  the  station  and  plus  of  the  centre 
line  survey  made  by  the  assistant  engineer.  Where  this  survey 
has  not  yet  been  made,  the  measurements  may  be  taken  by  count- 
ing the  rails.  In  case  the  field  inspectors  are  furnished  only  the 
plan  showing  the  tracks,  they  will  be  expected  to  locate  and 
show  in  the  plan  all  the  signals  and  switches  operated ;  and,  in  the 
location  of  them,  they  will  use  their  judgment  as  to  the  means  of 
determining  same. 

SIGNAL  FORMS.* 

36.  The  following  forms  have  been  prepared  for  the  guidance 
of  the  field  inspectors  for  inventorying  signaling  and  interlock- 
ing: 

Form  100.  Manual  Interlocking. 

"      looA.  Control  Manual  Block. 

"      101.  Miscellaneous    Signals,    Crossing    Gates, 

Alarms,  etc. 

"      1 02.  Electric  Interlocking. 

103.  Automatic  Signals. 

"      104.  Pneumatic  Interlocking. 


*  Signal  forms  are  made  a  part  of  the  instructions  by  reference. 


206 

37.  While  it  is  expected  that  all  field  inspectors  and  field  men 
will  secure  an  accurate  record  of  all  items  set  forth  in  the  various 
forms  described  in  Article  36,  it  must  be  understood  that  the 
purpose  of  this  inventory  is  to  establish  value;  and  it  is  mani- 
festly unwise  to  attempt  to  be  minute  in  the  inventory  where  no 
particular  value  is  involved.     Since*  this  office  cannot  lay  down 
a  rule  of  division  as  between  the  important  and  the  unimportant, 
it  will  be  the  duty  of  the  signal  engineer  to  conduct  the  work 
in  a  reasonable  and  sensible  manner. 

38.  Although   the    forms   before   described   are   prepared    in 
such  a  manner  as  to  permit  of  a  broad  division  of  the  cost  of 
epch  signal  plant,  it  has  been  found  necessary  to  group  a  numoer 
of  items  under  one  heading;  such  as  "Signal  Complete,"  "Signal 
Switch  Complete,"  etc.     Diagrams  of  signals  accompany  these 
forms ;  and,  in  case  signals  are  found  in  use  which  are  not  shown 
on  these  diagrams,  the  field  inspectors  shall  make  sketches  of 
same  to  accompany  this  report. 

39.  The  field  inspector  will  be  provided  with  field  books,  in 
which  he  will  be  required  to  note  the  condition  of  all  important 
items  so  as  to  provide  sufficient  information  for  the  guidance 
of  the  signal  engineer,  as  well  as  for  this  office,  in  determining 
the  conditions;  and  he  will  insert  on  the  form,  in  the  column 
entitled  "Conditions   Per  Cent.",  the  condition  of  the  various 
groups  at  the  time  they  were  recorded  on  the  form. 

40.  In  case  it  is  found  practicable  to  determine  the  sizes  and 
kinds  of  wire  in  cables,  conduits,  etc.,  the  field  inspector  will  be 
expected  to  satisfy  himself  as  to  each  item.    If,  however,  he  finds 
it  impracticable  to  satisfy  himself  in  this  regard  without  cutting 
the  cables  or  disturbing  the  conduits,  etc.,  he  will  make  note  of 
this  fact  in  his  report  so  that  this  information  may  be  obtained 
through  other  sources. 

PREMIUM  SYSTEM. 

The  duties  of  the  field  force  in  charge  of  the  assistant  engineer 
are  of  such  nature  as  to  put  upon  the  engineer  in  charge  the 
burden  of  determining  a  great  many  matters  of  importance;  and, 


207 

while  the  chief  engineer  will  make  frequent  visits  with  the  field 
parties,  it  is  highly  important  that  as  much  ground  be  covered  as 
is  consistent  with  the  character  of  work  called  for  in  the  general 
instructions  furnished  each  field  party. 

Owing  to  the  very  great  difference  in  the  size  and  the  value  of 
the  property  owned  by  the  several  railroad  corporations  in  this 
state,  it  is  not  practicable  to  determine  the  efficiency  of  the 
field  party  by  the  number  of  miles  covered  each  day;  and  it 
will  be  the  policy  of  this  office  to  carefully  consider  the  character 
and  quality  of  the  field  notes  transmitted  by  the  field  party  each 
day,  in  connection  with  the  progress  of  the  party. 

It  is  manifestly  difficult  to  organize  a  comprehensive  and  fair 
premium  system  in  connection  with  a  temporary  organization 
and,  owing  to  the  large  difference  in  the  character  of  the  proper- 
ties to  be  surveyed  and  inventoried,  the  award  of  any  premium 
must  necessarily  lie  largely  with  the  chief  enginer  and  his  office 
force,  who  compile  and  compute  the  field  notes. 

In  order  that  each  party  may  feel  that  its  work  is  carefully 
noted  and  appreciated,  it  will  be  understood  that  the  field  party 
showing  the  best  result  for  the  month  of  July  and  for  each  month 
thereafter  will  receive,  in  addition  to  its  monthly  compensation, 
the  sum  of  thirty  dollars,  in  cash,  to  be  divided  as  follows :  To 
the  assistant  engineer,  fifteen  dollars;  to  the  field  assistant,  ten 
dollars.  The  assistant  engineer  and  the  field  engineer  shall 
determine  which  of  the  two  senior  chainmen  has,  in  their  opinion, 
performed  the  more  efficient  service  during  the  month;  and  to 
him  will  be  paid  the  sum  of  five  dollars,  in  cash,  in  addition  to 
his  monthly  compensation.  In  case  the  assistant  engineer  and 
the  field  engineer  cannot  agree  as  to  which  of  the  two  senior 
chainmen  has  shown  himself  the  more  efficient,  they  shall  refer 
the  matter  to  the  chief  engineer. 


CONCLUSION. 

It  is  manifestly  impracticable  to  attempt  to  instruct  the 
employees  of  this  department  in  all  the  minute  details  attendant 
upon  the  work. 


208 

Each  employee  is  charged  with  the  duty  of  being  diligent, 
careful  and  courteous ;  and  he  is  expected  to  work  for  the  State 
in  the  same  earnest  manner  as  if  he  were  at  all  times  under  our 
immediate  supervision. 

The  work  O'f  surveying,  inventorying  and  valuing  the  property 
of  all  the  railroads  and  canals  of  this  state  is  of  vast  import- 
ance to  all  concerned;  and  it  is  our  duty  to  bend  every  effort 
toward  its  intelligent,  honest  and  speedy  accomplishment. 

Work  must  be  unbiased.  While  the  State  pays  the  cost  of  this 
investigation,  we  must  not  lean  toward  any  more  than  away 
fromi  the  interest  of  the  State. 

Field  parties  are  required  to  work  six  full  days  each  week  and, 
while  we  will  not  measure  efficiency  by  the  number  of  hours 
worked  each  day,  we  expect  full  time  to  be  given  to  the  work. 

WE     DESIRE      TO    CALL    SPECIAL    ATTENTION     TO     SECTION     7, 

"SAFETY  PRECAUTIONS/'  AND  TO  SECTION   8,    "No    PUBLICITY 
ALLOWED/' 

The  assistant  engineer,  who  is  the  chief  of  the  field  party,  is 
required  to  notify  this  office,  in  writing,  to>  the  effect  that  ne 
has  read  these  instructions  to  the  members  of  his  party  and  that 
they  are  understood;  further,  that  each  member  accepts  service 
under  this  department  with  full  knowledge  of  his  duty  and  obli- 
gations. 

CHARLES  HANSEL, 

Expert  in  Charge. 
LOUIS  FOCHT, 

Chief  Engineer. 


APPENDIX  A. 


CLASSIFICATION     OF     MASONRY    IN    ACCORDANCE 

WITH    THE    REPORT    OF    COMMITTEE    OF    THE 

AMERICAN    SOCIETY    OF    CIVIL    ENGINEERS. 

(See  "Transactions,"  Vol.  VI.,  p.  303.) 

RUBBLE  MASONRY. 

1.  Rubble  masonry  is  composed  of  unsquared  stones.     It  may 
be   uncoursed   rubble    (Fig.   26),   laid   without  any   attempt   at 
regular  courses,  or  coursed  rubble  (Fig.  27),  levelled  off  at  speci- 
fied heights  to  a  horizontal  surface.    The  stone  may  be  required 
to  be  roughly  shaped  with  the  hammer  so  as  to  fit  approximately. 

SQUARE   STONE   MASONRY. 

2.  According  to    the    character    of    the    face,    square    stone 
masonry  is  classified  as  "quarry- faced"  (Fig.  28),  or  as  "pitch- 
faced"  (Fig.  29).     If  laid  in  regular  courses  of  about  the  same 
rise  throughout,  it  is  "Range  Work"    (Fig.   30).     If  laid  in 
courses  that  are  not  continuous  throughout  the  length  of  the 
wall,  it  is  "broken-range  work"  (Fig.  31).     If  not  laid  in  course 
at  all,  it  is  "random  work"  (Fig.  32)  ;  and  this  is  what  is  gen- 
erally to  be  expected  of  this  kind  of  masonry,  unless  the  specifi- 
cations call  for  range  work. 

In  quarry- faced  and  pitch- faced  masonry,  quoins  and  sides  of 
openings  are  usually  hamimier-dressed.  This  consists  in  remov- 
ing projections  so  as  to  secure  a  rough-smooth  surface  and  is 
done  with  the  face  hammer,  the  plain  axe  or  the  tooth  axe.  This 
work  is  a  necessity  where  door  or  window  frames  are  inserted ; 
and  it  greatly  improves  the  general  effect  of  the  wall  if  used 
wherever  a  corner  is  turned. 

14 E S  (209) 


210 

ASHIyAR  MASONRY. 

3.  Ashlar  masonry  is  equivalent  to  cut-stone  masonry  or 
masonry  composed  of  any  of  the  various  kinds  of  cut  stone 
mentioned  above.  As  a  rule,  the  courses  are  continuous  (Fig. 
33)  bait  sometimes  are  broken  by-  the  introduction  of  smaller 
stones  of  the  same  kind;  and  this  is  called  "broken  ashlar"  (Fig. 
34).  If  the  stones  are  less  than  one  foot  in  height,  the  term 
"smaller  ashlar"  is  proper.  The  term  "rough  ashlar"  is  some- 
times given  to  squared-stone  masonry,  either  quarry- faced  or 
pitch- faced,  when  laid  as  range  work;  but  it  is  believed  that  it 
is  more  logical  and  more  expressive  to  call  such  masonry 
"squared-range  work."  Fromi  its  deriviation,  ashlar  apparently 
means  large,  square  blocks,  but  practice  seems  to  have  made  it 
synonymous  with  cut  stone;  and  this  secondary  meaning  has  been 
retained  for  convenience. 

Dimension  stones  are  cut  stones  all  of  whose  dimensions  have 
been  fixed  in  advance.  If  the  specifications  for  ashlar  masonry 
are  so  written  as  to  prescribe  the  dimensions  to  be  used,  it  will 
not  be  necessary  to  make  a  new  class  of  such  stones. 

Range  work,  whether  of  squared  stones  or  of  ashlar,  is  usu- 
ally backed  up  with  rubble  masonry;  which,  in  such  cases,  is 
specified  as  "coursed  rubble." 


Mileage,  Trackage,  Description  and  History* 

Railroads  and  Canals  of 

New  Jersey* 


(211) 


INDEX. 


PAGE. 

CENTRAL  RAILROAD  OP  NEW  JERSEY  SYSTEM,   221 

Bttena  Vista  Railroad,   221 

Carteret  Extension  Railroad,   221 

Carteret  &  Sewaren  Railroad,  221 

Central  Railroad  of  New  Jersey,   221 

Cumberland  &  Maurice  River  Railroad,   223 

Cumberland  &  Maurice  River  Extension  Railroad,   223 

Dover  &  Rockaway  Railroad,  223 

Elizabeth  Extension  Railroad,  223 

Freehold  &  Atlantic  Highlands  Railroad  Company,   223 

Hibernia  Mine  Railroad,   223 

Lafayette  Railroad,    223 

Manufacturers'  Extension  Railroad,   224 

Middle  Brook  Railroad,  224 

Middle  Valley  Railroad,  224 

Xavesink  Railroad. 224. 

New  Jersey  Southern  Railroad,   224 

New  Jersey  Terminal  Railroad,   224 

New  York  &  Long  Branch  Railroad,  225, 

Ogden  Mine  Railroad, 225, 

Raritan  North  Shore  Railroad,  225 

Sound  Shore  Railroad, 22^ 

Toms  River  Railroad,    225 

Toms  River  &  Barnegat  Railroad,    '. 225 

Vineland  Railroad, 226 

Vineland  Branch  Railroad,   • 226 

West  End  Railroad,    226 

West  Side  Connecting  Railroad,   226 

DELAWARE,  LACKA WANNA  &  WESTERN  RAILROAD  SYSTEM,  231 

Chester  Railroad,   231 

Hopatcong  Railway, 231 

Morris  &  Essex  Railroad,   231 

Morris  &  Essex  Extension  Railroad,    231 

Newark  &  Bloomfield  Railroad,   232- 

Passaic  &  Delaware  Railroad,   232- 

Passaic  &  Delaware  Extension  Railroad, 232 

Rockaway  River  &  Montville  Railroad,   232 

Sussex  Railroad, 232 

Warren  Railroad,  233 

ERIE  RAILROAD  SYSTEM,  22? 

Arlington  Railroad,  227 

Bergen  County  Railroad,  027 

(213) 


214 

PAGE. 

Bergen  &  Dundee  Railroad,  228 

Caldwell  Railway, 228 

Docks  Connecting  Railway,   228 

Erie  Terminal  Railroad,   228 

Long  Dock  Company,    228 

Newark  &  Hudson  Railroad, 228 

New  Jersey  &  New  York  Railroad,  228 

New  York  &  Greenwood  Lake  Railroad,  229 

New  York,  Lake  Erie  &  Western  Docks  Improvement  Co.,  229 

Northern  Railroad  of  New  Jersey, 230 

Paterson  &  Hudson  River  Railroad,   230 

Paterson,  Newark  &  New  York  Railroad,  230 

Paterson  &  Ramapo  Railroad,  230 

Penhorn  Creek  Railroad,    230 

Roseland    Railway,    230 

Watchung  Railroad, 230 

LEHIGH  VALLEY  RAILROAD  SYSTEM,   234 

Bay  Shore  Connecting  Railroad, 234 

Lehigh  Valley  Railroad  of  New  Jersey,   234 

Morris  Canal  &  Banking  Company,   235 

NEW      YORK,      SUSQUEHANNA     &     WESTERN      RAILROAD 

SYSTEM,    2j.i 

Hackensack  &  Lodi  Railroad,  233 

Lodi   Branch   Railroad,    233 

Macopin    Railroad,    233 

New  York,  Susquehanna  &  Western  Railroad, 233 

Passaic  &  New  York  Railroad, 234 

PENNSYLVANIA  RAILROAD  SYSTEM,    217 

Barnegat  Railroad,    217 

Belvidere  &  Delaware  Railroad,   217 

Camden  &  Burlington  County  Railroad, 217 

Delaware  River  Railroad  &  Bridge  Company 218 

Freehold  &  Jamesburg  Agricultural  Company, 218 

Harrison* &  East  Newark  Railroad  Company, 218 

Kinkora  &  New  Lisbon  Railroad,  218 

Millstone  &  New  Brunswick  Railroad,   219 

Mount  Holly,  Lumberton  &  Medford  Railroad,  219 

New  York  Bay  Railroad, 219 

Pennsylvania  Tunnel  &  Terminal  Company,   219 

Perth  Amboy  &  Woodbridge  Railroad  Company,   219 

Philadelphia  &  Beach  Haven  Railroad  Company,  219 

Philadelphia  &  Long  Branch  Railroad,    219 

Rocky  Hill  Railroad  &  Transportation  Company,   220 

United  New  Jersey  Railroad  &  Canal  Company,  220 

Vincentown  Branch  Railroad, 220 

West  Jersey  &  Seashore  Railroad, 221 

Delaware   &  Raritan   Canal,    221 


215 

PAGE. 

PHILADELPHIA  &  READING  RAILROAD  SYSTEM,  226 

Atlantic  City  Railroad,    '. 226 

Cape  May,  Delaware  Bay  &  Sewell's  Point  Railroad, 226 

Delaware  &  Bound  Brook  Railroad,  227 

East  Trenton  Railroad,    227 

Port  Reading  Railroad,    227 

RECAPITULATION  OF  TRACK  MILEAGE,  242 

SUMMARY  OF  MILEAGE,  FIRST  TRACK,  241 

UNCLASSIFIED  RAILROADS— 

Atlantic  City  &  Ocean  City  Railroad,  235 

Atlantic  City  &  Shore  Railroad,  236 

Baltimore  &  New  York  Railway,   236 

East  Jersey  Railroad  &  Terminal  Company,  236 

Elizabeth  &  Trenton  Railroad,    236 

Ferro  Monte  Railroad,    236 

Hoboken   Manufacturers'   Railroad,    236 

Hoboken  Railroad  Warehouse  &  Steamship  Connecting  Co.,  236 

Hopatcong  Shore  Railroad, 236 

Hudson  &  Manhattan  Railroad, 237 

Hudson  Railroad  &  Transportation  Company,   237 

Lehigh  &  Hudson  River  Railway, 237 

Lehigh  &  New  England  Railroad, 237 

Lucaston  Railroad,  237 

Morristown  &  Erie  Railroad,  237 

Mount  Hope  Mineral  Railroad,   238 

New  Jersey  Junction  Railroad,   238 

New  Jersey  &  Pennsylvania  Railroad,    238 

New  York  &  Fort  Lee  Railroad,  238 

North  Jersey  Rapid  Transit  Company 238 

Pemberton  &  Hightstown  Railroad 239 

Philadelphia  &  Brigantine  Railroad 239 

Pohatcong  Railroad,   239 

Rahway  Valley  Railway,   239 

Raritan  River  Railroad,    239 

Raritan  Terminal  &  Transportation  Company 239 

South  Easton  &  Phillipsburg  Railroad,   240 

Staten  Island  Rapid  Transit  Railroad,   240 

Trenton,  Lawrenceville  &  Princeton  Railroad.   240 

Trenton,  Lawrenceville  &  Princeton  Extension  Railroad,   240 

Trenton  Terminal  Railroad,  240 

Tuckerton  Railroad,    240 

Venice    Park    Railroad : 241 

West  Shore  Railroad,  241 

Wharton  &  Northern  Railroad.   241 


Statement  of  Mileage  of  First   Track,  History,  Capital 

Stock  and  Funded  Debt  of  Railroads  in  New  Jersey* 

January  1st,  J9U. 


PENNSYLVANIA  RAILROAD  SYSTEM. 

Total  Miles  Railroad,    758-529 

Canal  and  Feeders,   66.184 

of  Route,  824.713- 

Miles. 

THE  BARNEGAT  RAILROAD  COMPANY,  8.129 

The  road  extends  from  3,186  feet  east  of  Barnegat  City  Junc- 
tion, N.  ].,  to  Barnegat  City,  N.  J.  Road  is  operated  by  the 
Tuckerton  Railroad  Company,  for  and  on  account  of  the 
Barnegat  Railroad  Company,  and  the  latter  road  bears  all  ex- 
penses therewith.  This  arrangement  is  subject  to  termination 
on  three  months'  notice. 

BELVIDERE  AND  DELAWARE  RAILROAD  COMPANY,   79796 

Chartered  March  2d,  1836.  Completed  November  5th,  1855. 
Extends  from  Trenton  to  Manunka  Chunk,  with  various 
branches.  Leased  to  New  Jersey  Railroad  and  Canal  Com- 
pany January  ist,  1876,  for  904  years.  Lease  assigned  to 
Pennsylvania  Railroad  Company  March  7th,  1876.  Capital 
stock,  $1,253,000.  Funded  debt,  $2,722,000.  Main  Line, 
66.648  miles. 

BRANCH  LINES. 

Enterprise  Branch;  from  D.  &  R.  Canal  to  M'ulberry 
Avenue,  Trenton,  1.647  miles. 

Flemington  Branch ;  from  Lambertville  to  Flemington, 
11.373  miles. 

Martin's  Creek  Branch ;  from,  a  point  on  Belvidere  and 
Delaware  Railroad,  near  Martin's  Creek  Station,  to  a  point 
in  the  Delaware  River  in  the  dividing  line  between  New 
Jersey  and  Pennsylvania,  0.128  mile. 

CAMDEN  AND  BURLINGTON   COUNTY  RAILROAD  COMPANY,    29.649 

Pavonia  to  Pemberton,  N.  J.  Chartered  March  isth,  1859. 
Leased  to  Camden  and  Amboy  Railroad  Corripany  April 
24th,  1868,  for  term  of  its  corporate  existence ;  sub-leased 
to  Pennsylvania  Railroad  Company.  Capital  stock,  $381.925. 
Funded  debt,  $350,000. 

2I7 


218 

LEGISLATIVE  ACTS. 

Burlington  and  Mount  Holly  Railroad  and  Transportation 
Company,  incorporated  1848.  Corporate  name  changed  to 
Burlington  County  Railroad  Company,  1857.  Consolidation 
of  the  Burlington  County  Railroad  and  the  Camden,  Moores- 
town,  Hainesport  and  Mount  Holly  Hcwse  Car  Railroad, 
under  the  name  of  Camden  and  Burlington  County  Railroad 
Company  in  1866.  Road  extends  from  Camden  Junction  to 
Pemberton,  Burlington  and  Mount  Holly  Branch :  From, 
Burlington  to  Mount  Holly,  7.050  miles.  Total  length, 
including  branch,  29.649  miles. 

Miles. 

DELAWARE  RIVER  RAILROAD  AND  BRIDGE  COMPANY, 7789 

Frankfort  Junction,  Pa.,  to  Pensauken,  N.  J.,  and  branches. 
Chartered  March  I7th,  1896.  Consolidation  of  Pennsylvania 
and  New  Jersey  Railroad  Company,  of  Pennsylvania,  and 
the  Pennsylvania  and  New  Jersey  Railroad  Company  of  New 
Jersey.  Capital  stock,  $1,300,000.  Funded  debt,  $1,300,000. 

FREEHOLD  AND  JAMESBURG  AGRICULTURAL  RAILROAD,  27.516 

Jamesburg  to  Sea  Girt,  N.  J.  Chartered  June  2oth,  1852. 
Consolidation  April  24th,  1879,  with  the  Farmingdale  and 
Squan  Village  Railroad  and  the  Squankum  and  Freehold 
Railroad.  Leased  to  Pennsylvania  Railroad  Company  June 
ist,  1879.  Capital  stock,  $295,600.  Funded  debt,  $498,600. 

LEGISLATIVE  ACTS. 

Chartered  1851.  Construction  of  additional  road  from 
Freehold  to  Toms  River,  and  branch  to  marl  pits,  authorized 
1852.  Extension  of  road  from  Dean's  Pond  to  Six  Mile  Run, 
authorized  in  1853.  Construction  of  branch  road  from  Free- 
hold to  Farmingdale  and  branches,  authorized  in  1857.  Sale 
of  that  portion  of  road  lying  between  Monmouth  Junction 
and  Jamesburg  to  United  New  Jersey  Railroad  and  Canal 
Company,  authorized  in  1874;  also,  consolidation  of  certain 
corporations  with  the  United  New  Jersey  Railroad  and 
Canal  Company,  authorized  in  1874. 

i 
HARRISON  AND  EAST  NEWARK  RAILROAD  COMPANY, 0.199 

KINKORA  AND  NEW  LISBON  RAILROAD  COMPANY,    10.452 

Kinkora  to  near  Lewistown,  N.  J.  Reorganization  March 
28th,  1903,  of  the  Columbus,  Kinkora  and  Springfield  Rail- 
road Company.  Operated  under  an  agreement  dated  March 
nth,  1903,  with  the  Pennsylvania  Railroad,  terminable  upon 
thirty  days'  written  notice.  Rental,  net  earnings,  stock 
$40,000.  No  bonds.  Total  deficit  for  year  ending  Decem- 
ber 3 ist,  1908,  $19,188. 


219 

Miles. 

MILLSTONE  AND  NEW  BRUNSWICK  RAILROAD  COMPANY,  6.558 

New  Brunswick  station  to  East  Millstone,  N.  J.,  chartered 
February  27th,  1837.  Road  opened  December  2Oth,  1854. 
Operated  by  Pennsylvania  Railroad  under  agreement,  ter- 
minable in  thirty  days.  Capital  stock  $95,750.  No  funded 
debt. 

MOUNT  HOLLY,  LUMBERTON  AND  MEDEORD  RAILROAD, 6.248 

Mount  Holly  to  Medford,  N.  J.  Chartered  April  2d,  1866. 
Leased  to  Pennsylvaina  Railroad  April  loth,  1873,  for  term 
of  corporate  existence.  Stock  $95,650.  Funded  debt  $75,000. 

NEW  YORK  BAY  RAILROAD  COMPANY,   *  3-599 

Capital  stock  $6,000,000.  Funded  debt  $3,885,000.  Waverly 
Station  to  Bulkhead  Line  at  Greenville,  transfer  bridges  and 
branches. 

PENNSYLVANIA  TUNNEL  AND  TERMINAL  COMPANY,  7.314 

Chartered  June  26th,  1907,  under  laws  of  New  York  and 
New  Jersey.  The  electric  division  of  the  Pennsylvania 
System,  from  Harrison,  Hudson  County  to  Long  Island 
City.  Capital  $40,000,000.  Unfunded  debt  $82,563,591. 

PERTH  AMBOY  AND  WOODBRIDGE  RAILROAD  COMPANY,  6.784 

Perth  Amboy  Junction,  near  Rahway,  to  Perth  Amboy. 
Chartered  March  9th,  1855.  Opened  October  nth,  1864. 
Operated  by  Pennsylvania  Railroad  by  agreement.  Ter- 
minable on  thirty  days'  notice.  Capital  stock  $228,400.  No 
funded  debt. 

PHILADELPHIA  AND  BEACH  HAVEN  RAILROAD  COMPANY,  13-344 

Manhawkin  to  Beach  Haven.  Organized  Long  Branch  Rail- 
road Company  October  23d,  1883.  Sold  under  foreclosure 
November  28th,  1893.  Reorganized  under  present  tjitle. 
Leased  to  Pennsylvania  Railroad.  Rental  net  earnings. 
Capital  $200,000.  No  funded  debt. 

PHILADELPHIA  AND  LONG  BRANCH  RAILROAD  COMPANY, 48.958 

Birmingham  to  Bay  Head  Junction  and  branches.  Consoli- 
dation of  the  Philadelphia  and  Long  Branch  Railroad  and 
the  Pemberton  Seashore  Railroad  November  3d,  1883. 
The  Island  Heights  Railroad  was  taken  in  June,  1885. 
Leased  to  the  Pennsylvania  Railroad  for  50  years  beginning 
January  ist,  1884.  Rental  net  earnings.  Stock  $765,000. 
Funded  debt  $750,000. 

Incorporated  September  24th,  1880,  under  the  General 
Railroad  Act  of  April  2d,  1873.  Road  extends  from  Pem- 
berton Junction,  at  intersection  with  the  Pemberton  and 
Hightstown  Railroad  and  Camden  and  Burlington  County 
Railroad,  to  head  •  of  Barnegat  Bay  (Bay  Head).  45-753 
miles. 


22O 
BRANCH  LINES. 

Brown's  Mills  Branch.     1,951  miles. 

Island    Heights    Branch;    from    Island    Heights    Junction    to 

Island  Heights   (on  Toms  River)    1.244  miles. 

Miles. 

ROCKY   HILL   RAILROAD  AND   TRANSPORTATION   COMPANY,    2.873 

Incorporated  1853.  Rocky  Hill  to  Kingston,  N.  J.,  Road 
opened  1864.  Leased  to  Pennsylvania  Railroad  in  perpetu- 
ity. Rental  net  earnings.  Stock  $45,600.  No  funded  debt. 

LEGISLATIVE  ACTS. 

Road  extends  from  Rocky  Hill  to  Kingston  at  intersection 
of  Kingston   Branch  of  United  New  Jersey  Railroad. 

UNITED  NEW  JERSEY  RAILROAD  AND  CANAL  COMPANY.  (Railroad  only)  149.125 
Jersey  City  to  Trenton.  South  Amboy  to  Camden.  Canal 
owned.  Bordentown  to  New  Brunswick  and  feeder  66 
miles.  February,  1831,  an  act  was  passed  to  consolidate 
stocks  of  the  Delaware  and  Raritan  Canal  Company  and  the 
Camden  and  Amboy  Railroad.  Main  line  Railroad  and 
Canal  completed  in  1834;  branch  1838.  In  1836,  the  joint 
companies  acquired  controlling  interest  in  the  stock  of  the 
Philadelphia  and  Trenton  Railroad  Company.  All  of  these 
companies  agreed  to  an  equal  division  of  joint  profits.  Jan- 
uary, 1867,  the  United  Companies  took  in  the  New  Jersey 
Railroad,  which  owned  the  line  from  New  Brunswick  to 
Jersey  City.  The  profits  were  then  divided  among  the  four 
companies.  On  June  3Oth,  1871,  the  entire  property  was 
leased  to  the  Pennsylvania  Railroad  for  999  years;  which 
company  agreed  to  pay  an  annual  rental  equal  to  ten  per 
cent,  on  the  aggregate  capital  stock,  and  the  same  rate  to  the 
Philadelphia  and  Trenton.  The  lessee  assumed  all  obliga- 
tions. Therefore,  the  consolidated  companies  received  ten 
per  cent,  net  on  the  capital  stock,  $21,240,400.  The  funded 
debt  is  $20,000,000. 

DELAWARE  AND  RARITAN  CANAL. 

Main  waterway  extends  from  Bordentown  City  to  New 
Brunswick  City.  Feeder  extends  from  junction  with  main 
canal  at  Trenton  City  to  Delaware  River  at  Raven  Rock. 
See  summary  for  length  of  canal. 

VINCENTOWN   BRANCH   RAILROAD   COMPANY,    2.892 

Incorporated  in  1861.  Kwansville  to  Vincentown.  Leased 
June,  1868,  to  Camden  and  Amboy  Railroad.  Operated  by 
Pennsylvania  Railroad.  Rental  six  per  cent,  on  $15,000  of 
the  capital  stock  and  taxes.  Capital  stock  $25,000.  Funded 
debt  $15,000. 


221 

Miles. 

WEST  JERSEY  AND  SEASHORE  RAILROAD  COMPANY,   337-304 

Philadelphia  to  Cape  May,  Atlantic  City  &  Branches.  Consol- 
idation of  the  West  Jersey  Railroad  Company,  the  Alloway 
and  Quinton  Railroad,  the  West  Jersey  and  Atlantic  Rail- 
road, the  Camden  and  Atlantic  Railroad,  the  Chelsea 
Branch  Railroad  Company  and  the  Philadelphia,  Marl- 
ton  and  Medford  Railroad  Company  in  1896.  The  Del- 
aware River  Railroad  was  absorbed  in  1900.  While  this 
railroad  is  included  in  the  Pennsylvania  System  in  New  Jer- 
sey, it  is  separately  operated  and  makes  separate,  annual 
statements.  The  total  mileage  of  the  Pennsylvania  Railroad 
Company  of  New  Jersey,  including  the  West  Jersey  and  Sea- 
shore and  the  Pennsylvania  Tunnel  and  Terminal  Railroad 
Company  and  the  Delaware  and  Raritan  Canal. 

DELAWARE  AND  RARITAN  CANAL. 

Main    Canal    extending    from    Bordentown    City 

to    New    Brunswick    City,    43457 

Canal  feeder  extending  from  Junction  with  main 
canal  at  Trenton  to  Delaware  River  at  Raven 

Rock,     22.727 

66.184 
Total    miles   first   track,    758.529 

Total  miles  route  Railroad  and  Canal,    824.713 

CENTRAL  RAILROAD  OF  NEW  JERSEY  SYSTEM. 
Total  Miles  of  Route,  443-735 

BUENA  VISTA  RAILROAD,  1.123 

Greenwich  to  Coha'nsey,   N.  J.     Capital  $21,400. 

CARTERET    EXTENSION    RAILROAD,    i-77° 

Carteret,  N.  J.,  to  Staten  Island  Sound.     Capital  $23,600. 

CARTERET  AND  SEWAREN  RAILROAD,   1.238 

Siebig's  to  Port  Reading  Railroad.     Capital  $24,800. 

CENTRAL    RAILROAD   OF    NEW    JERSEY,    158.647 

Central    R.    R.    of    N.   J.    Main   Line, 72.306 

Henderson  Street  Branch,    .421 

Jersey  Avenue  Branch,   -547 

Phillip    Street    Branch,     .991 

Port   Johnson    Spur,    .294 

Branch  to  Insulated  Wire  &  Cable  Co.,  -543 

West  Second  Street  Branch,    -577 

Elizabeth   Loop   Line,    2.716 

Newark  and  New  York  B'ranch,  6.229 


222 

Miles. 

Passaic  Zinc   Works    Spur,    .618 

Manufacturers'    Branch,    1.061 

Elizabeth  &   Perth  Amboy  Branch,    12.336 

Newark  &  Elizabeth   Branch,    5-717 

Constables'  Hook  Branch,   2.147 

South    Branch, 15.728 

High   Bridge   Branch,    15.031 

Br.  to  Ingersol  Sergeant  Drill  Co.,    .  . ' .703 

Mount  Olive   Branch,    2.628 

Longwood    Valley    Branch,    10.948 

Lake  Hopatcong  Branch,    5-517 

Feigenspan    Branch,    .339 

Chester    Hill    Branch,    1.250 

Consolidation  February  22d,  1849,  of  the  Elizabeth  &  Somer- 
ville  Railroad  and  the  Somerville  &  Easton  Railroad.  Con- 
trolled by  the  Reading  Company,  through  ownership  of  a 
majority  of  stock  (Capital),  which  is  $27,436,800.  Funded 
debt  $52,851,000. 

LEGISLATIVE  ACTS. 

EHzabethtown  and  Somerville  Railroad  chartered  in  1831. 
Somerville  and  Easton  Railroad  chartered  in  1847.  Central 
Railroad  of  New  Jersey  chartered  in  1849.  Extension  of 
road  from  Elizabeth  to  Jersey  City  and  construction  of  draw- 
bridges, etc.,  authorized  in  1860.  Road  extends  from  Jersey 
City  to  Phillipsburg. 

BRANCH  LINES. 

Newark  and  New  York  Branch;  from  Communipaw  to 
Newark. 

Constables'  Hook  Branch;  from  Centreville  to  Constables' 
Hook. 

Port  Johnson  Spur;  from  Main  Line  at  Bayonne  City  to 
coal  docks  at  Port  Johnson.  Entirely  within  the  taxing  dis- 
trict of  Bayonne  City. 

Elizabeth  Loop  Line.  Entirely  within  the  taxing  district 
of  Elizabeth  City. 

Elizabethport  and  Perth  Amboy  Branch;  Elizabethport  to 
Perth  Amboy. 

Bay  Way  Extension;  from  a  point  on  the  Elizabethport 
and  Perth  Amboy  Branch,  in  the  taxing  district  of  Elizabeth 
City,  to  tidewater. 

Newark  and  Elizabeth  Branch ;  from  Newark  to  Elizabeth. 

Manufacturers'  Branch;  from  Brille,  on  line  of  Newark 
and  New  York  Branch,  to  the  Passaic  River.  Entirely  within 
the  taxing  district  of  Newark  City. 


223 

High  Bridge  Branch;  from  a  point  on  main  line  at  High 
Bridge  to  German  Valley. 

Mount  Olive  Branch ;  running  through  the  taxing  districts 
of  Washington  and  Chester  Townships. 

Chester  Hill  Branch.    Entirely  within  the  taxing  district  of 
Chester  Township. 

Longwood  Valley  Branch;  from  German  Valley  to  Port 
Oram. 

Lake  Hopatcong  Branch ;  from  Kenvil  to  Nolan's  Point  at 
Lake  Hopatcong. 

Miles. 

CUMBERLAND  AND  MAURICE  RIVER  RAILROAD, 21.34; 

Capital  Stock  $252,900.  Incorporated  January  28th,  1879. 
Road  extends  from  Bridgeton  to  Maurice  River,  on  Dela- 
ware Bay. 

CUMBERLAND  AND   MAURICE  RIVER  EXTENSION   RAILROAD,    1.967 

Capital  Stock  $16,200.  Bridgeton  Junction  to  Bivalve,  N.  J. 
Incorporated  January  I3th,  1887.  Road  extends  from  a  point 
on  the  Vineland  Railroad  near  Bridgeton  to  Cumberland  and 
Maurice  River  Railroad. 

DOVER  AND   ROCKAWAY   RAILROAD,    4-637 

Wharton  to  Rockaway.  Chartered  March  8th,  1880;  opened 
1881  as  a  continuation  of  High  Bridge  Railroad.  Lease 
guaranteed  by  Central  Railroad  of  New  Jersey,  for  999 
years,  April  26th,  1881.  Capital  Stock  $140,000.  Funded 
debt  $35,000. 

ELIZABETH  EXTENSION  RAILROAD,  1.653 

Great  Island  Junction  to  terminus.     Capital  $30,000. 

FREEHOLD  AND  ATLANTIC  HIGHLANDS  RAILROAD  COMPANY  (Main 

Track),    22.669 

Branch  to  New  York  &  Long  Branch  R.  R., 325 

Branch  to  Keyport   Dock, 307 

Branch  to  Hopping  Station,    353 

Branch  to  Stone  Church,   2.129 

25-783 

Freehold  to  Atlantic  Highlands;  Atlantic  Highlands  to 
Stone  Church.  Capital  Stock  $650,000. 

HIEERNIA  MINE  RAILROAD,  Main  Track,   4-441 

Branch  to  Beach  Glen  Mine. 

Rockaway  to  Hibernia.     Capital  $200,000. 

LAFAYETTE  RAILROAD  COMPANY,  .559 

Runs  from  Lafayette  to  Griffing  Iron  Works.  Capital  stock 
$61,800. 


224 

Miles. 

MANUFACTURERS'  EXTENSION  RAILROAD,  Main  Track, 994 

Branch  to  Baeder  Adamson  &  Company  Works, 305 

1.299 

MIDDLE   BROOK   RAILROAD   COMPANY,    1.928 

Middle  Brook  to  Chimney  Rock.     Capital  Stock  $4,000. 

MIDDLE   VALLEY    RAILROAD    COMPANY,    1-347 

Middle  Valley  to  Quarry.     Capital  $9,900. 

NAVESINK  RAILROAD  COMPANY,  Main  Track,   3-965 

Branch  to  Freehold  &  Atlantic  Highlands   Railroad, 

including    <1Y"    connection 531 

4.496 

Atlantic  Highlands  to  Highland  Beach.  Capital  stock 
$701,900. 

NEW  JERSEY  SOUTHERN  RAILROAD  COMPANY. 

Main    Line    63.336 

Atco    Branch    750 

East  Long  Branch  &  Eatontown  Branch 5.160 

Long  Branch  &  Sea  Shore  Division 6.238 

75484 

Capital  stock  $2,590,600.  Raritan  &  Delaware  Bay  Railroad 
chartered  in  1854.  Name  changed  1870  to  New  Jersey 
Southern  Railroad.  Same  year  consolidated  with  the  Long 
Branch  &  Sea  Shore  Railroad. 


LEGISLATIVE  ACTS. 
Road  extends  from  Port  Monmouth  to  Atsion. 

BRANCH  LINES. 

Atco  Branch.     From  Atsion  to  Atco. 

Long  Branch  &  Seashore  Division.     From   Sandy  Hook  to 

East  Long  Branch. 

NEW  JERSEY  TERMINAL  RAILROAD  COMPANY. 

Main    Line    4.803 

Branch   No.   2,  to  Tuft's   Point    73 1 

5-534 

Carteret  to  Pennsylvania  Railroad.  Carteret  to  American 
Agricultural  Chemical  Works.  Capital  stock  $500,000. 
Funded  debt  $250,000. 


225 

Miles. 
NEW  YORK  AND  LONG  BRANCH  RAILROAD,  ......................  37-799 

Perth  Amboy  to  Bay  Head.     Consolidation,  December  21  st, 

1881,  of  the  New  York  &  Long  Branch,  the  New  Egypt  & 
Farmingdale,  the  Long  Branch  &  Sea  Girt,  the  New  York  & 
Long   Branch   Extension  and   the   Barnegat   Bay   Railroads. 
Leased  to  the  C.  R.  R.  of  N.  J.  and  the  Penn.  R.  R.  jointly 
for  99  years,    from   January   2d,    1888.     Rental,   interest   on 
bonds,  7  per  cent,  on  stock  (all  owned  by  C.  R.  R.  of  N.  J.) 
and  $6,000  for  expenses  of  organization.     Operated  under  in- 
dependent   management.     Capital    stock    $2,000,000.     Funded 
debt    $2,438,000.     Incorporated    1868.     Connects    with    Phila- 
delphia &  Long  Branch  R.  R.  at  Bay  Head  Junction. 

OGDEN  MINK  RAILROAD  COMPANY,  Main  Line  ............     9-693 

Heckscher  &  Copley  Branch  .........................  463 

10.156 

Chartered  February  igth,  1864.     Leased  November  4th,  1881, 
to  the  C.  R.  R.  of  N.  J.  for  999  years,  from  January  ist, 

1882.  Rental   5   per   cent,   on   the   stock   $450,000,    and   $500 
for  organization  expenses.     Nolan's   Point  to  Edison.     Cost 
of  road  $450,000. 

LEGISLATIVE  ACTS. 

Road   extends    from    Ogden    Mine,    Sparta   Township,    to 
Nolan's  Point,  Jefferson  Township. 


RARITAN    NORTH    SHORE   RAILROAD,    ........................... 

Perth   Amboy   to   Raritan   Brick   Works.     Capital   $66,400. 

SOUND    SHORE   RAILROAD,   Main   Line  ....................     4-199 

Branch    No.    1  .......................................  350 

Branch    No.    2  .......................................  280 

Branch    No.    3  .......................................  68  1 

Branch    No.   4  .......................................  086 

Broadway,  Elizabeth,  to  Carteret  ;  including  Bayway  and 
Tremley  Spurs.  Capital  stock  $149,200. 

TOMS  RIVER  RAILROAD  COMPANY,  ...............................  7.496 

Lakehurst  to  Toms  River.  Capital  stock  $240,000.  Incor- 
porated September  2Oth,  1881.  Road  extends  from  Man- 
chester, on  line  of  New  Jersey  Southern  Railway  to  Toms 
River,  connecting  with  the  Toms  River  &  Waretown  Rail- 
road. 

TOMS  RIVER  AND  BARNEGAT  RAILROAD  COMPANY,   ..............  14.71.3 

Toms  River  to  Barnegat.  Capital  stock  $75,300.  Toms 
River  &  Waretown  Railroad  incorporated  1870.  Extends 
from  Toms  River  at  intersection  with  the  Toms  River  R.  R., 
through  Forked  River  &  Waretown,  to  Barnegat. 

15  E  s 


226 

Miles, 

VINELAND    RAILROAD    COMPANY,    Main    Line 46.871 

Branch   to    Bridgeton    Station 227 

47.098 
Atsion  to  Bay  Side.     Capital  Stock  $600,000. 

VINELAND   BRANCH   RAILROAD.     Capital  $8,000.    3.615 

LEGISLATIVE  -  ACTS. 

Incorporated     1867.     On     line     of     ^Tew     Jersey     Southern 
Railway. 

WEST  END  RAILROAD  COMPANY, 1.435 

Incorporated  April  29th,  1878.     Long  Branch  to  West  End. 
Capital  stock  $43,700. 

WEST  SIDE  CONNECTING  RAILROAD  COMPANY,  .859 

West    Side    Avenue    to    Danforth    Avenue.      Capital    stock 
$125,400. 


Total  Miles  First  Track,  443-735 

PHILADELPHIA  AND  READING  RAILWAY  SYSTEM. 
Total  Miles  of  Route..   229.843. 

ATLANTIC  CITY  RAILROAD  COMPANY,  Main  Line,  55-914 

Gloucester  &  Mt.  Ephriam  Branch,  10.916 

Williamstown  &  Delaware  River  Branch, 22.434 

Glassboro,    .336 

Baltic  Avenue,  1.226 

Sea  Island  City,   40.298 

Ocean   City,    * 10.085 

Cape  May,  26.819 

•       168.028 

Consolidation  May  24th,  1901,  of  the  Atlantic  City  Railroad 
Company,  the  Camden  County  Railroad  Company,  the  Sea 
Coast  Railroad  Company,  and  the  Ocean  City  Railroad  Com- 
pany. Capital  stock  $3,625,000.  Funded  debt  $4,500,000. 

CAPE  MAY,  DELAWARE  BAY  &  SEWELL'S  POINT  RAILROAD. 

Main  line,    6.205 

Branch  to  West  Jersey  &  Seashore  R.  R.,  .720 

6.925 

Incorporated  September  3d,  1880.  Chartered  January  I9th, 
1893,  when  it  consolidated  with  the  Delaware  Bay  and  Cape 
May  Railroad,  which  was  incorporated  April  I2th,  1879,  and 
the  Cape  May  and  Schellinger's  Landing  Railroad,  incor- 
porated May  23d,  1881.  Road  was  electrified  in  1891,  for 
passenger  service.  Reading  Co.  acquired  control  in  1901. 
Capital  stock  $150,000.  Funded  debt  $150,000.  Cape  May 
Point  to  Sewell's  Point. 


227 

Miles. 
DELAWARE  .AND  BOUND  BROOK  RAILROAD  COMPANY. 

Main    Line,    27.040 

Trenton  Branch,  opened  1877,   3.829 

30.869 

Chartered  May  I2th,  1874.  Opened  May  ist,  1876.  Bound 
Brook  Junction  to  Delaware  River,  Trenton  Junction  to 
Trenton.  Leased  to  Philadelphia  and  Reading  Railroad  May 
1 2th,  1879,  for  990  years.  Eight  per  cent,  on  capital  stock. 
Capital  stock  $1,800,000.  Funded  debt  $1,800,000.  Road  ex- 
tends from  the  middle  of  the  Delaware  River  to  Bound 
Brook. 

BRANCH   LINES. 

Trenton   Branch.     From   Trenton   Junction  on  main   line 
to  Trenton  City. 

EAST  TRENTON  RAILROAD  COMPANY,  2.975 

Millham  to  terminus,  Trenton.  Controlled  by  the  Delaware 
and  Bound  Brook  Railroad  Company.  Capital  stock  $59,000, 
representing  cost  of  road.  Incorporated  April  I7th,  1884, 
under  the  General  Railroad  Act  of  April  2d,  1873.  Road 
extends  from  a  point  in  the  Trenton  Branch  of  the  Delaware 
and  Bound  Brook  Railroad  to  a  point  in  Millham. 

PORT  READING  RAILROAD  COMPANY. 

Port  Reading  Jet.  to  Port  Reading,  main  line, 19.609 

Woodbridge  Branch,   1.437 

21.046 

Chartered  November  5th,  1890.  One  road  completed  Sep- 
tember, 1892.  Controlled  by  Reading  Company  through 
ownership  of  the  entire  capital  stock,  $2,000,000.  Funded 
debt  $1,500,000. 

ERIE  RAILROAD  COMPANY  SYSTEM. 
Total  Miles  of  Route,   159-552 

ARLINGTON  RAILROAD  COMPANY,   .976 

Double  track.  Extends  from  Newark  Junction  to  New  York 
and  Greenwood  Lake  Junction,  N.  J.  Entire  capital  $4,000; 
owned  by  Erie  Railroad. 

BERGEN  COUNTY  RAILROAD  COMPANY, 9-741 

Rutherford  Junction  to  Ridgewood  Junction.  Double  track. 
Organized  September  9th,  1880.  Capital  stock  $200,000.  6 
per  cent,  bonds  $200,000.  Erie  owns  entire  capital  stock, 
which  is  deposited  as  security  for  its  first  consolidated  mort- 


228 

gage.     Funded  debt  $200,000.     Extends  from  Rutherford,  on 
line  of  Paterson  and  Hudson  R.  R.  R.,  to  Ridgewood,  on 
line  of  Paterson  and  Ramapo  R.  R. 
Dundee  Spur.     From  Garfield  to  Passaic  City. 

Miles. 

BERGEN    AND    DUNDEE   RAILROAD    COMPANY,    '. 1.875 

Incorporated  July  8th,  1885.  Garfield  to  Passaic.  Capital 
$40,000;  owned  by  Erie  and  deposited  as  security  for  first 
consolidated  mortgage. 

CALDWELL    RAILWAY    COMPANY,    4-543 

Capital  $47,800;  owned  by  New  York  and  Greenwood  Lake- 
Company.  Leased  to  the  Erie  for  999  years  from  May 
ist,  1896. 

DOCKS  CONNECTING  RAILWAY  COMPANY,    .278 

Capital,  $9,000.     Owner  "by  the  Erie. 

ERIE   TERMINAL   RAILROAD   COMPINY,    1.768 

At  Edgewater,  N.  J.  Capital,  $68,000.  Leased  by  New  York, 
Susquehanna  &  Western  Railroad,  which  is  controlled  by  the 
Erie. 

LONG    DOCK    COMPANY,    2.802 

Double  track.  Chartered  in  New  Jersey  February  26th.  1856, 
with  power  to  hold  and  improve  land,  build  docks,  piers  and 
railroads.  Assets  consist  of  577  acres  of  land  improved 
with  buildings,  piers,  docks,  etc.,  worth,  according  to  1905 
assessment,  $6,931,023.  Capital  stock,  $800,000.  Funded 
debt,  $7,500,000.  Both  owned  by  Erie  Railroad. 
Road  extends  from  Seventeenth  Street  (Pavonia  Ferry), 
Jersey  City,  to  intersection  with  Paterson  &  Hudson  River 
Railroad  at  West  End,  Befgen  Junction,  Jersey  City. 

NEWARK  AND  HUDSON  RAILROAD,   7.879 

Chartered  March  I7th,  1870;  opened  1871.  Capital  stock, 
$250,000.  Funded  debt,  $250,000.  First  mortgage  7  per  cent, 
of  1901  stock  and  bonds  deposited  as  security  for  Erie  Rail- 
road first  consolidated  mortgage  bonds.  Road  extends  from 
Bergen  Junction,  in  Jersey  City,  to  Newark,  connecting  with 
the  Paterson,  Newark  and  New  York  Railroad. 

NEW  JERSEY  &  NEW  YORK  RAILROAD  COMPANY,   17.523 

Incorporated  under  the  laws  of  the  State  of  New  Jersey  and 
the  State  of  New  York.  Consolidation  in  December,  1885,  of 
a  company  of  the  same  name  with  the  Hackensack  Railroad 
Company.  The  Erie,  having  secured  control,  took  posses- 
sion April  7th,  1896,  but  operates  it  separately. 

New   Jersey   and   New   York   Junction,   N.  J.,   to   Nanuet 
Junction,    N.   Y. 


229 

Spring  Valley  to   Garnersville,   N.   Y. 

Stoney   Point  Junction  to   Strong   Point,   N.   Y. 

New  City  Junction   to   New  City,   N.   Y. 

LEGISLATIVE  ACTS. 

Hackensack  &  New  York  Railroad  incorporated  1856. 
Title  of  Trustees  changed  to  "The  Hackensack  and  New 
York  Extension  Railroad,"  in  1869.  Construction  of  a 
branch  from  Hillsclale  to  New  York  Line  authorized  in 
1872.  Merging  and  consolidation  of  the  Hackensack  and 
New  York  Railroad  and  the  Hackensack  and  New  York 
Extension  under  the  title  of  "New  Jersey  and  New  York 
Railroad  Company,"  in  1873.  Road  extends  from  a  point  on 
line  of  Paterson  and  Hudson  River  Railroad,  near  Ruther- 
ford, to  the  New  York  State  line. 

Miles. 
NEW  YORK  AND  GREENWOOD  LAKE  RAILROAD  COMPANY. 

Main  Line,   41.312 

Ringwood    Branch,    2.529 

43.841 

Successor,  November  ist,  1878,  to  the  Montclair  and  Green- 
wood Lake  Railroad.  Leased  to  the  Erie  on  May  ist,  1896, 
for  999  years,  at  a  rental  equal  to  fixed  charges.  New  York 
and  Greenwood  Lake  Junction  to  Sterling  Forest,  N.  J. 
Ringwood  Junction  to  Ringwood,  Caldwell  Railway,  Rose- 
land  Railway,  Watchung  Railway.  Capital  stock  $100,000. 
Funded  debt  $1,471,600.  Guaranteed  principal  and  interest 
by  Erie  Railroad.  Erie  Railroad  Company,  lessee. 

LEGISLATIVE  ACTS. 

Montclair  Railway  Company  chartered  1867. 

Act  amended  in  1873  to  enable  the  Montclair  Railway  to 
consolidate  with  the  Watchung  Railway,  the  Hudson  Con- 
necting Railway  and  the  New  Jersey  Midland  Railroad. 

The  Montclair  Railway  was  sold  under  foreclosure  and  re- 
organized as  per  certificate  filed  October  3Oth,  1875,  as  the 
Montclair  &  Greenwood  Lake  Railway  Company.  This  was 
subsequently  sold  under  foreclosure  and  reorganized  by  cer- 
tificate filed  November  ist,  1878,  as  the  New  York  and  Green- 
wood Lake  Railway  Company. 

NEW  YORK,  LAKE  ERIE  &  WESTERN  DOCKS  IMPROVEMENT  COM- 
PANY,    .505 

Organized  June  28th,  1881,  for  the  purpose  of  buying  and  re- 
claiming lands  in  Hudson  County.  Capital  stock  $604,000. 
Funded  debt  $4,000,000.  Both  owned  by  Erie  Railroad. 


230 

Miles. 

NORTHERN  RAILROAD  OF  NEW  JERSEY,  19.858 

Chartered  February  Qth,  1854.  Opened  October  ist,  1859. 
Leased  to  the  Erie  Railroad,  which  agreed  to  pay  dividends  of 
4  per  cent,  a  year  on  capital  stock  of  $1,000,000.  Funded 
debt  $808,000.  Bergen  Junction,  N.  J.,  to  Sparkill,  N.  Y. 
Lease  Nyack  and  Southern  Railroad,  Sparkill  to  Nyack,  N.  Y. 

PATERSON  &  HUDSON  RIVER  RAILROAD, •  • 13.966 

Chartered  January  3ist,  1831.  Opened  1834.  Lessee,  Erie 
Railroad  Company.  Leased  in  perpetuity  to  that  company 
from  September  9th,  1852,  at  an  annual  rental  of  $48,400. 
Capital  stock  $630,000.  Jersey  City  to  Paterson. 

PATERSON,  NEWARK  &  NEW  YORK  RAILROAD,  10.780 

Incorporated  1864.  Chartered  January  i6th,  1872.  Paterson 
to  Newark.  Owned  by  Erie  Railroad.  Capital  stock  $250,000. 
Funded  debt  $500,000. 

PATERSON  &  RAMAPO  RAILROAD,  1443* 

Erie  Railroad,  lessee.  Paterson  to  New  York  State  Line. 
Chartered  March  loth,  1841.  Opened  1842.  Leased  in  per- 
petuity September  loth,  1852,  to  the  Erie  Railroad  at  a  rental 
of  $26,500.  Dividends  8  per  cent,  per  annum.  Capital 
$298,000,  representing  cost  of  road. 

PENHORN  CREEK  RAILROAD,  3-175 

Penhorn  Creek  ranch  "A",  461 

3-636 

Extends  from  Newark  &  Hudson  Junction,  Jersey  City,  to 
Fish  Creek,  N.  J. 

ROSELAND  RAILWAY,    •  • 1.044 

Run  by  the  New  York  &  Grenwood  Lake  Railroad,  which 
is  owned  by  the  Erie  Railroad.  Capital  stock,  $2,000.  Cald- 
well  to  Essex  Fells. 

WATCHUNG  RAILROAD  COMPANY,  4.106 

Incorporated  1870.  Successor  Bloomtield  and  Orange  Horse- 
Car  Railroad.  Run  by  the  New  York  &  Greenwood  Lake 
Railroad,  which  is  owned  by  the  Erie  Railroad.  Capital  stock 
$47,000.  Funded  debt  $200,000.  Road  extends  from  a  junc- 
tion with  New  York  &  Greenwood  Lake  Railroad,  near 
Newark,  to  East  Orange. 


Total  Miles,  First  Track,  159-552 


231 


DELAWARE,   LACKAWANNA  AND  WESTERN   RAILROAD 

SYSTEM. 

Total  Miles  of  Route,  208.071. 

Miles. 

CHESTER  RAILROAD  COMPANY,    9.981 

Dover  to  Chester.  Chartered  1867.  Opened  1872.  Leased 
to  Morris  and  Essex  Railroad  for  4  per  cent,  on  bonds. 
Capital  stock  $100,534.  Floating  debt  $127,655. 

HOPATCONG   RAILWAY    COMPANY,    1,624 

Junction  with  Morris  &  Essex  Railroad,  near  Hopatcong, 
to  works  of  the  American  Forcite  Powder  Manufacturing 
Company,  Roxbury.  Acquired  by  the  Delaware,  Lacka- 
wanna  &  Western  Railroad,  August  i6th,  1892,  by  purchase 
of  its  stocks,  $10,000. 

MORRIS  &  ESSEX  RAILROAD,  Main  Line,   83.812  miles 

Boonton  Branch,   34-239      " 

118.051 

Hoboken  to  Phillipsburg,  Denville  to  West  End  Tunnel. 
Chartered  January  29th,  1853.  Opened  to  Hackettstown 
January,  1854.  Opened  to  Phillipsburg  in  1866.  Tunnel 
completed  in  1876.  Leased  in  perpetuity  to  the  Delaware, 
Lackawanna  &  Western  Railroad,  the  lessee  assuming  all 
liabilities  and  agreeing  to  pay  seven  per  cent,  per  annum  on 
the  capital  stock,  $15,000,000,  and  interest  on  the  bonds. 
Funded  debt  $32,077,000. 

LEGISLATIVE  ACTS. 

Act  to  perfect  junction  with  New  Jersey  Railroad  1853. 
Act  to  build  bridge  across  Delaware  at  Phillipsburg,  1865. 
Act  to  validate  and  confirm  lease  to  Delaware,  Lackawanna 
&  Western  Railroad  1869. 

BRANCH  LINES. 
Boonton  Branch.    Jersey  City  to  Rockaway. 

MORRIS  &  ESSEX  EXTENSION  RAILROAD  COMPANY,   1,885 

Junction  with  Morris  &  Essex  to  Paterson.  Chartered  May 
1889.  'Operated  by  the  Delaware,  Lackawanna  &  West- 
ern Railroad  as  lessee  of  the  Morris  &  Essex  Railroad  under 
an  agreement  dated  May  6th,  1889,  to  pay  4  per  cent,  on  its 
stock,  $221,000.  Floating  debt,  December  3ist,  1897,  $73,254- 


232 

Miles. 

NEWARK    &    BLOOMFIELD    RAILROAD    COMPANY,    4-IQ4 

Newark  Junction  to  Montclair.  Chartered  March  26th,  1852. 
Opened  July  ist,  1856.  Leased  to  Delaware,  Lackawanna 
&  Western  Railroad  April  ist,  1868,  for  99  years,  at  an 
annual  rental  of  6  per  cent,  on  capital  stock,  $103,- 
850,  of  which  the  Delaware,  Lackawanna  &  Western  owns 
$97,700.  Floating  debt,  December  3ist,  1908,  $459,144. 
Road  extends  from  Roseville  Junction,  on  line  of  Boonton 
Branch  of  Morris  &  Essex  Railroad  to  Montclair. 

PASSAIC   &   DELAWARE   RAILROAD   COMPANY,    13.814 

Summit  &  Bernardsville.  Organized  October  29th,  1878,  as 
successor  of  the  New  Jersey  West  Line  Railroad  Company. 
Leased  for  term  of  corporate  existence  November  ist,  1882, 
to  the  Delaware,  Lackawanna  &  Western  Railroad,  at  a 
yearly  rental  of  5  per  cent,  on  capital  stock,  $111,050,  of 
which  the  lessee  owns  $109,350.  Floating  debt  due  lessee, 
$32,435- 

PASSAIC  &  DELAWARE  EXTENSION  RAILROAD  COMPANY,  7.406 

Junction  with  Passaic  &  Delaware  Railroad  at  Bernardsville 
to  Gladstone.  Chartered  April,  1890.  Opened  September, 
1890.  Operated  by  the  Delaware,  Lackawanna  &  Western 
Railroad  as  lessee  under  agreement  dated  May  ist,  1890, 
to  pay  4  per  cent,  on  its  stock,  $100,000. 

ROCKAWAY  RIVER  &  MONTVILI,E  RAILROAD  COMPANY,  1.800 

Capital  $30,000.  Operations  included  in  report  of  Morris  & 
Essex  Railroad  Company. 

SUSSEX  RAILROAD  COMPANY,  Main  Line,   24.237  miles 

Branchville  Branch,    6.287 

30.524 

Junction  with  Morris  &  Essex  Railroad  near  Stanhope,  to 
Franklin,  Lafayette  to  Branchville.  Chartered  February 
5th,  1853.  Main  line  opened  December  nth,  1854.  Capital 
stock  $1,638,600. 

LEGISLATIVE  ACTS. 

Incorporated  as  Sussex  Mine  Railroad  in  1848.  Title 
changed  to  "Sussex  Railroad"  in  1853.  Extension  of  road 
to  connect  with  Morris  &  Essex  Railroad  to  Branchville 
Junction. 

BRANCH  LINES. 

Cut-off  to  Newton.  Branchville  Branch;  from  Branch- 
ville Junction  through  Lafayette  to  Branchville. 


233 

Miles. 

WARREN   RAILROAD   COMPANY,    18.792 

New  Hampton  Junction  to  Delaware  River.  Chartered 
February  I2th,  1851.  Opened  June,  1856.  Leased  October 
ist,  1857,  for  term  of  corporate  existence,  to  the  Delaware, 
Lackawanna  &  Western  Railroad.  Annual  Rental,  7  per 
cent,  on  capital  stock,  $1,800,000,  and  interest  on  bonds. 
Funded  debt,  $1,394,000.  Road  extends  from  Hampton  Junc- 
tion, on  line  of  New  Jersey  Central  Railroad,  to  the  Dela- 
ware River,  near  Delaware,  Knowlton  Township,  connect- 
ing with  the  New  York,  Susquehanna  &  Western  Railroad. 


Total    miles    of   first   track,    208.071 


THE    NEW    YORK,    SUSQUEHANNA    &    WESTERN    RAILROAD 
SYSTEM  IN  NEW  JERSEY. 

Total  Miles  of  Route,    127.028. 

Miles. 

HACKENSACK  &  LODI  RAILROAD  COMPANY,   1.340 

Lodi  Junction  to  Hackensack.  Capital,  $25,000.  All  owned 
by  New  York,  Susquehanna  &  Western  Railroad. 

LODI   BRANCH    RAILROAD,    .564 

Lodi  Junction  to  Lodi,  2  miles,  of  which  .32  miles  are  in 
operation.  Chartered  June  I5th,  1880.  Capital  stock,  $60, 
ooo.  All  owned  by  the  New  York,  Susquehanna  &  Western 
Railroad. 

LEGISLATIVE  ACTS. 
Chartered  1870. 

MACOPIN  RAILROAD  COMPANY,    1-573 

Chartered  November  8th,  1886.  Capital  stock,  $60,000. 
Funded  debt,  $44,000.  Both  owned  by  the  New  York,  Sus- 
quehanna &  Western  Railroad.  Macopin  Lake  Junction  to 
Macopin  Lake.  Road  extends  from  a  point  of  connection 
with  the  New  York,  Susquehanna  &  Western  Railroad 
near  Charlottsburgh,  West  Milford  Township,  to  Macopin 
Lake. 

NEW  YORK,  SUSQUEHANNA  &  WESTERN  RAILROAD. 

Main  Line,    94.384 

Hudson  River  Terminal  Branch, 2.916 

Paterson   Branch,   .703 

Unionville                 19.368 

Delaware                  3.103 

120.474 


234 

Incorporated  by  consolidation  of  the  Midland  Railroad  Com- 
pany of  New  Jersey,  the  Paterson  Extension,  the  Midland 
Connecting  Railway,  the  North  Jersey  Railroad  Company,  all 
of  New  Jersey;  and  the  Water  Gap  Railroad  Company,  of 
Pennsylvania.  Articles  of  agreement  and  consolidation  under 
the  name  of  the  New  York,  Susquehanna  &  Western  Rail- 
road Company  filed  June  I7th,  1881.  Road  extends  from 
Marion  (Jersey  City),  intersection  "of  United  New  Jersey 
Railroad,  to  Gravel  Place,  Pa.  Length  to  State  Line,  94.009 
miles.  Length  from  Jersey  City  to  Gravel  Place,  101.20  miles. 

BRANCH  LINES. 

Unionville  Branch.  From  Two  Bridges,  N.  J.,  to  Union- 
ville,  N.  Y.,  through  the  townships  of  Hardyston,  Sparta 
and  Wantage. 

Delaware  Branch.  From  Columbia  Junction,  N.  J.,  to  Dela- 
ware, N.  J. ;  entirely  within  the  township  of  Knowlton. 

Paterson  Branch.  From  main  line  to  Passaic,  entirely 
within  the  taxing  district  of  Passaic  City.  Consolidated  April 
5th,  1893,  with  the  Hudson  River  Railroad  &  Terminal  Com- 
pany. Owned  by  the  Erie  Railroad  but  operated  as  a  sepa- 
rate company.  Common  stock  $13,000,000.  Preferred  stock 
$13,000,000.  Funded  debt  $15,613,000. 

Miles. 

PASSAIC  &  NEW  YORK  RAILROAD  COMPANY,  3.077 

Passaic  to  Passaic  Junction.  Organized  July  I4th,  1885. 
Opened  February  8th,  1886.  Capital  stock  $70,000.  All  owned 
by  the  New  York,  Susquehanna  &  Western  Railroad.  Funded 
debt  $70,000.  Total  cost  of  road  $140,000. 


Total  Miles  of  First  Track,   127.028 

LEHfGH  VALLEY  RAILROAD   SYSTEM   IN   NEW  JERSEY. 
Total  Miles  First  Track  Railroad   121.035. 

BAY  SHORE  CONNECTING  RAILROAD, 1.207 

Capital  stock  $34,777;  owned  jointly  by  the  Lehigh  Valley 
Railroad  and  the  Central  Railroad  of  New  Jersey.  Operated 
independently.  Spur. 

LEHIGH  VALLEY  RAILROAD  OF  NEW  JERSEY. 

Main  Line, 75-133 

Andover  Branch,    .553 

Musconetcong  Branch,   3-2I8 

Pittstown  "         4-089 

Clinton  "         2.020 


235 

Miles.  Miles. 

Flemington  " 1-874 

Bloodgoods  1.009 

Central  Railroad  of  New  Jersey  Conn.,  1.069 

Irvington    Branch, 2.962 

West  Newark  " .903 

Newark  &  Passaic  Branch,  1.040 

Edgewater  "         i.ooi 

National  Docks  "         6.796 

and  N.  J.  June.  Branch,   .451 

Communipaw  Branch,   .363 

National  Storage  Branch,   .286 

Kill  von  Kull  "         470 

Perth  Amboy  "         10.262 

Pennsylvania  Railroad  Connection,    .414 

Raritan    Branch,   5.121 

Keasby's        " .482 

Weber  "         172 

Middlesex     "         .140 

119.828 

Jersey  City  to  Phillipsburg,  N.  J.  The  entire  capital  stock, 
$20,433,000,  is  deposited  as  collateral  to  the  general  consoli- 
dated mortgage  of  the  Lehigh  Valley  Railroad,  and  provision 
is  made  in  that  mortgage  for  the  retirement  of  the  out- 
standing bonds.  Funded  debt  $16,475,000. 


Total  Miles  Railroad,  First  Tfack,  121.035 

MORRIS    CANAL   &    BANKING    COMPANY,    108.760 

Beginning  at  west  side  of  arch,  junction  of  canal  with 
Delaware  River  at  Phillipsburg,  ending  at  end  of  pier  1,527' 
east  of  east  side  of  Washington  Street,  Jersey  City,  Hudson 
County.  Combination  commenced  1827.  Original  canal 
completed  1831.  Extension  completed  1836.  Company  re- 
organized 1849.  Capital,  $10,250.  Common  shares,  $11,750. 
Preferred  shares  all  at  $100  par  value.  Canal  leased  to 
Lehigh  Valley  Railroad  Company  in  1871  in  perpetuity. 

Main   waterway   of   canal,    102.648 

Lake    Hopatcong    feeder,    .695 

Pompton    feeder,     5-417 


Total  length  of  first  track  and  canal,    229.795 

RAILROADS  NOT  CLASSIFIED. 
Total   Miles  First  Track,  321.282. 

ATLANTIC  CITY  &  OCEAN  CITY  RAILROAD  COMPANY, 2.624 

Somers  Point  to  Ocean  City.  Chartered  March  igth,  1906, 
for  999  years.  Organized  April  I7th,  1906.  Opened  July  ist, 
1907.  Leased  to  the  Atlantic  City  &  Shore  Railroad.  Cap- 
ital stock,  $180,000. 


Miles. 

ATLANTIC  CITY  &  SHORE  RAILROAD  COMPANY,   2.231 

Atlantic  City  to  Meadows  Tower.  Charter  runs  999  years 
from  October  21  st,  1905.  Incorporated  November  22d,  1905. 
Operated  by  single  overhead  and  three-rail  systems.  The 
West  Jersey  &  Seashore  Railroad  has  an  option  to  pur- 
chase, any  time  between  May  1st,  1913,  and  May  ist,  1918, 
a  majority  of  the  capital  stock  ($1,000,000)  of  this  company. 
Funded  debt,  $850,000. 

BALTIMORE  &  NEW  YORK  RAILWAY  COMPANY, 5-3OO 

Capital  stock,  $350,000.  Funded  debt,  $350,000.  Virtually 
merged  in  the  Baltimore  &  Ohio  Railroad,  which  owns  or 
guarantees  their  stock  and  bonds. 

EAST  JERSEY  RAILROAD  &  TERMINAL  COMPANY,  .512 

Lines  leased:  In  Bayonne  City,  from  Central  Railroad  of 
New  Jersey  to  Pier  No.  4,  tracks  are  leased  for  30  years  from 
December  23d,  1901,  from  the  Tide  Water  Oil  Company. 
Incorporated  January  i3th,  igoi,  to  build  in  a  line  from  a 
point  in  Bayonne  to  Kill  von  Knll,  about  2  miles.  Capital 
stock,  $82,000.  (Authorized,  $150,000.) 

ELIZABETH   &  TRENTON   RAILROAD,    23.102 

Trenton  to  New  Brunswick.  Chartered  May  I9th,  1910. 
Capital  stock  $300,000.  5  P.  C.  cumulative  preferred.  $900,- 
ooo  common.  Successor  to  Trenton  &  New  Brunswick  and 
New  Jersey  Short  Line. 

FERRO  MONTE  RAILROAD  COMPANY,   • 1.022 

Capital  stock,  $30,000.  No't  operated  during  1908.  Not  men- 
tioned in  Poor's  Manual  for  1909. 

LEGISLATIVE  ACTS. 

Chartered   1869.     Road   extends   from   Vanatta   Station  to 
the  Byram  Mine. 

HOBOKEN   MANUFACTURERS'   RAILROAD   COMI-AXY,    .062 

Capital  $400,000.     Funded  debt  $350,000. 

HOBOKEN  RAILROAD  WAREHOUSE  &  STEAMSHIP  CONNECTING  Co..  1.554 

Main    line,     1-347  miles 

Branch  No.   i,    167      " 

Branch  No.  2,    040 

Capital  $300,000.  Funded  debt  $189,000.  (Poor  gives  funded 
debt  as  $196,000.)  Road  opened  1897,  solely  for  freight. 
Leased  to  the  Hoboken  Manufacturers'  Railroad  Company. 

HOPATCONG   SHORE   RAILROAD, 1. 147 

Capital  stock,  $100,000.  (Authorized  $47,000.)  Issued 
bonds  authorized  $9,000,  5  per  cent. 


237 

Miles. 

HUDSON  &  MANHATTAN   RAILROAD   COMPANY, 4.060 

Incorporated  December  5th,  1906,  in  New  York  and  Ne\v 
Jersey,  as  a  consolidation  of  the  Hoboken  and  Manhattan 
Railroad  Company  of  New  Jersey,  the  New  York  &  Ne-w 
^Jersey  Railroad  Company  of  New  York  and  the  Hudson 
&  Manhattan  Railroad  Company  of  New  York ;  thus,  becom- 
ing owner  of  all  the  tunnels,  franchise  and  properties  of 
these  companies.  Authorized  capital  stock :  Common, 
$40,000,000;  preferred,  $10,000,000.  Outstanding  common 
stock,  39,994,890;  preferred,  $5,242,151.  Funded  debt, 
January  ist,  1911,  $67,791,000.  Car  trust  obligations  $1,252,- 
ooo.  Real  estate  mortgage  $42,000. 

HUDSON  RAILROAD  &  TRANSPORTATION  COMPANY,   .265 

Capital  $2,000.     Not  mentioned  in  Poor's  Manual,  of  1909. 

LEHIGH  &  HUDSON  RIVER  RAILWAY  COMPANY,   48.154 

Chartered  April  ist,  1882.  Consolidated  May  23,  1907, 
with  the  Orange  County  Railroad  Company.  In  1889, 
entered  into  a  99  year  contract  with  the  Pennsylvania  Rail- 
road Company  for  the  use  of  the  Pennsylvania  tracks 
between  Belvidere  and  Phillipsburg;  and,  to  the  Pennsyl- 
vania, the  use  of  this  line  to  reach  the  Poughkeepsie  Bridge. 
Capital  stock,  $1,340,000.  Funded  debt,  $2,669,000.  Incorpo- 
rated January  6th,  1881,  under  the  General  Railroad  Act  of 
April  2d.  Road  extends  from  Belvidere  to  Greycourt,  N.  Y. 

LEHIGH   &  NEW   ENGLAND  RAILROAD   COMPANY, 23.582 

Slatington,  Pa.,  to  Harrisburg  Junction,  N.  J.,  Swartswood 
Junction,  N.  J.,  to  Liberty  Corner,  N.  Y. ;  Sussex  Junction 
to  Sussex,  N.  J.  Organized  April  2d,  1895,  as  successor 
to  the  Pennsylvania,  Poughkeepsie  and  B'oston  Railroad 
Company,  whose  property  was  sold  under  foreclosure 
December  I4th,  1894.  I*1  I9°3>  this  company  absorbed  the 
Northampton  Railroad  Company  and,  in  November,  1904, 
the  Lehigh  &  Delaware  Railroad  and  the  Wind  Gap  & 
Delaware  Railroad  Company.  Capital  stock  $1,000,000. 
Funded  debt  $4,180,000. 

LUCASTON  RAILROAD  COMPANY,    1464 

Capital  $16,000.  Gibbsboro  to  Lucaston.  Operated  solely 
in  the  interest  of  John  Lucas  &  Company. 

MORRISTOWN  &  ERIE  RAILROAD  COMPANY. 

Main  Line,   10.618  miles 

Malaparis    Branch,    2.205 

12.823 


238 

Morristown  to  Essex  Fells.  Reorganization  August,  1903, 
of  the  Whippany  River  Railroad  Company.  Capital  stock 
$400,000.  Funded  debt  $300,000. 

Miles. 
MOUNT  HOPE  MINERAL  RAILROAD  COMPANY,  ....................  3.653 

Wharton  to  Mount  Hope.  Chartered  March  i6th,  1866.  Cap- 
ital $160,000.  Used  exclusively  for  hauling  freight  by  mining 
interests  by  which  it  is  controlled.  Road  extends  from  Mount 
Hope  to  Port  Oram,  through  the  townships  of  Randolph  and 
Rockaway. 

NEW  JERSEY  JUNCTION  RAILROAD  COMPANY,  Main  Line,  .  .     4.438 
Harsimus  Branch,  ...................................  343 


Weehawken  to  Jersey  City.  Incorporated  February  27th, 
1886.  Line  starts  from  West  Shore  Railroad  on  the  north 
and  runs  southerly  to  the  Delaware,  Lackawanna  &  Western 
Railroad,  the  Erie  Railroad  and  the  Pennsylvania  Railroad, 
under  contract.  Leased  July  ist,  1886,  for  100  years,  to  the 
New  York  Central  &  Hudson  River  Railroad  Company.  Au- 
thorized capital  stock  $4,000,000.  Issued  $100,000.  Funded 
debt  $1,700,000.  New  York  Central  &  Hudson  River  Rail- 
road owns  stock  and  guarantees  bonds. 

NEW  JERSEY  &  PENNSYLVANIA  RAILROAD  COMPANY,  .............  24.060 

White  House  to  Watnong.  Incorporated  December  2oth, 
1904,  to  consolidate  the  Rockaway  Valley  Railroad  Company 
and  the  Speedwell  Lake  Railroad  Company.  Capital  $400,000. 
Funded  debt  $200,000. 

NEW  YORK  &  FORT  LEE  RAILROAD  COMPANY,  ....................  1.028 

Capital  stock  $1,000,000.  Operations  included  in  report  of 
West  Shore  Railroad  Company.  Not  in  Poor's  Manual  of 
1909. 

LEGISLATIVE  ACTS. 

New  York  and  Bulls  Ferry  Railroad  chartered  1861.  Name 
changed  to  New  York  &  Fort  Lee  Railroad  1862.  Entirely 
within  the  taxing  district  of  Weehawken  Township. 

NORTH  JERSEY  RAPID  TRANSIT  COMPANY,  .......................  8.987 

Electric  Interurban  from  Paterson,  N.  J.,  to  Suffern,  N.  Y. 
Chartered  in  1908.  Capital  $2,000,000.  Shares  $100. 
Funded  debt,  $2,500,000;  5  per  cent,  gold  bonds  authorized. 


239 

Miles. 

PKMBERTON  &  HIGHTSTOWN  RAILROAD  COMPANY, -24-374 

Pemberton  to  Hightstown.  Chartered  March  24th,  1864. 
Road  opened  February  loth,  1868.  Controlled  by  the  Penn- 
sylvania Railroad  Company.  Leased  to  the  Union  Trans- 
portation Company  for  3  years  from  July  3ist,  1896,  and 
from  year  to  year  thereafter  until  terminated  by  six  months 
written  notice  from  either  party.  Rental  $1,388.79  per  annum 
and  cost  of  maintenance.  Capital  stock  $342,150.  Funded 
debt  $160,000. 

PHILADELPHIA  &  BRIGANTINE  RAILROAD  COMPANY, 11.071 

Capital  stock  $300,000.  Funded  debt  $50,000.  Road  not 
operated. 

POHATCONG  RAILROAD  COMPANY,  i-55o 

From  quarry  of  Edison  Portland  Cement  Company,  near  Ox- 
ford, to  Oxford.  Chartered  October  21  st,  1907.  Private  road. 
Operated  by  the  Edison  Portland  Cement  Company.  Cap- 
ital stock  authorized  $50,000.  Paid  in  $5,000. 

RAHWAY  VALLEY  RAILROAD  COMPANY,  Main  Line,..     7.000  miles 

Lehigh  Valley  Branch, 532      " 

Rahway    River      "         1.042 

8.574 

New  Orange  to  Aldene  and  Roselle  (Junction  with  Central 
Railroad  of  New  Jersey  and  Lehigh  Valley  Railroad). 
Incorporated  July  i8th,  1904,  to  construct  a  railroad  from 
New  Orange  to  a  connection  with  the  Delaware,  Lackawanna 
&  Western  Railroad  at  Summit,  about  6  miles.  Acquired 
the  line  from  New  Orange  to  Aldene  and  Roselle  by  consoli- 
dation with  the  New  Orange  Four  Junction  Railroad  Com- 
pany. Effective  March  ist,  1905.  No  capital  stock  or  bonded 
debt.  Floating  debt  $350,689.  Cost  of  road  $337,689.  Rahway 
Valley  Company,  Lessee,  .170 

RARITAN  RIVER  RAILROAD  COMPANY,  Main  Line,...     12.245  miles 

Connection  with  Pennsylvania  Railroad,  .354 

Sayreville  Branch,  3-544 

Serviss  "         3.841       " 

South  River    "         1.275       " 

21.259 

South  Amboy  to  New  Brunswick.  Incorporated  April  2oth, 
1888.  Main  line  opened  July,  1890.  Authorized  capital 
stock  $1,000,000.  Paid  in  $400,000.  Funded  debt  $400,000. 

RARITAN  TERMINAL  &  TRANSPORTATION  COMPANY,    .605 

Raritan  Copper  Works  to  tracks  at  Perth  Amboy.  Incor- 
porated August  4th,  1898.  Authorized  capital  stock,  $50,000. 
Paid  in,  $40,000. 


240 

Miles. 

SOUTH  KASTON  &  PHILLIPSBURG  RAILROAD  COMPANY,  .702 

South  Easton  to  Phillipsburg.  Organized  July  25th,  1889. 
Road  opened  January,  1890.  Operated  by  the  Lehigh  & 
Hudson  River  Railway.  Capital  stock,  $150,000.  All  owned 
by  the  Lehigh  &  Hudson  River  Railway  Company. 

STATEN  ISLAND  RAPID  TRANSIT  RAILROAD.  COMPANY,   .077 

South  Beach  to  Arthur  Kill,  N.  Y.  Chartered  July  3ist, 
1899,  as  successor  to  the  Staten  Island  Rapid  Transit  Rail- 
road Company,  whose  property  was  sold  under  foreclosure 
April  20th,  1899.  The  Baltimore  &  Ohio  Railroad  owns 
99.64  per  cent.  ($498,200)  of  the  capital  stock,  $500,000. 
Funded  debt,  $5,000,000. 

TRENTON,  LAWRENCEVILLE  &  PRINCETON  RAILROAD  COMPANY,  ....  9-544 

Road  opened  1901.  Owned  and  operated  by  the  New  Jersey 
&  Pennsylvania  Traction  Company,  in  whose  statement  oper- 
ations are  included.  Capital  stock,  $200,000.  Funded  debt, 
$100,000. 

TRENTON,  LAWRENCEVILLE  &  PRINCETON  EXTENSION  RAILROAD,  . .  1.460 

Capital,  $50,000.  (See  Trenton,  Lawrenceville  &  Princeton 
Railroad  Company.) 

TRENTON  TERMINAL   RAILROAD  COMPANY,    .485 

Chartered  in  perpetuity  October  29th,  1903.  Road  opened 
1904.  Connects  the  Trenton  &  New  Brunswick  Railroad 
with  the  Camden  &  Trenton  Railway  and  is  leased  for  99 
years  to  the  latter  company  at  an  annual  rental  of  $1,000. 
The  lessee  pays  all  charges  of  maintenance,  repairs,  etc., 
excepting  interest  on  bonds  and  organization  expenses.  Cap- 
ital stock,  $15,000.  Funded  debt,  $15,000. 

TUCKERTON    RAILROAD    COMPANY,    30.79? 

Whiting's  Station  to  Tuckerton;  Tuckerton  to  Edge  Cove 
(not  in  operation).  Chartered  March  26th,  1866.  Road 
opened  November  ist,  1871.  Reorganized  1880.  Authorized 
common  stock,  $125,000.  Paid  in,  $106,867.80.  Authorized 
preferred  stock,  $500,000.  Paid  in,  $445,373.74.  Authorized 
funded  debt,  $100,000. 

/ 
LEGISLATIVE  ACTS. 

Incorporated  1869.  Road  extends  from  Whiting's,  at  the 
junction  of  the  Philadelphia  &  Long  Branch  Railroad  with 
the  New  Jersey  Southern  Railway;  thence  through  Mana- 
hawkin  to  Edge  Cove,  near  Tuckerton. 


241 

Miles. 

VENICE    PARK,    .585 

Atlantic  City  &  Shore  Railroad,  Ohio  Avenue,  Atlantic  City, 
to  Venice  Park.  Capital  stock,  $10,000;  $2,000  outstanding. 

WEST   SHORE   RAILROAD   COMPANY,    19.341 

Incorporated  under  the  New  Jersey  laws  June  I4th,  1881, 
and  under  the  New  York  laws  December  5th,  1885,  as 
successor  to  the  New  York,  West  Shore  &  Buffalo  Rail- 
road. The  Syracuse,  Ontario  &  New  York  Railway  was 
absorbed  June  3Oth,  i8gi,  and  the  West  Shore  &  Ontario 
Terminal  Company  of  New  York  and  New  Jersey  on  June 
25th,  igoi.  The  property  is  leased  to  the  New  York  Central 
&  Hudson  River  Railroad  Company  for  475  years,  from 
January  ist,  1886,  at  a  rental  of  interest  on  the  bonds. 
Capital  stock,  $10,000,000.  Funded  debt,  $57,428,420. 

WHARTON  &   NORTHERN  RAILROAD  COMPANY,    20.277 

Morris  County  Junction  to  Green  Pond  Junction;  Wharton 
to  Wharton  Junction;  Oreland  Junction  to  Oreland.  Cap- 
ital stock,  $500,000.  Funded  debt,  $350,000. 

Total   miles   first   track,    321.282 

SUMMARY  OF  MILEAGE,  FIRST  TRACK — REVALUATION  SURVEY. 

1911. 

Miles.  Miles. 

Pennsylvania  Railroad   System,    758.529 

Central  Railroad  of  New  Jersey  System,   443-735 

Philadelphia  &  Reading  Railway  System,    229.843 

Erie  Railroad  System  , 159-55-2 

Delaware,  Lackawanna  &  Western  R.  R.  System,  208.071 
New  York,  Susquehanna  &  Western  R.  R.  System,  127.028 

Lehigh  Valley  Railroad  System   121.035 

Unclassified    railroads,     321.282 

Total    Miles   Railroads,    2,369.075 

CANALS. 
DELAWARE    &    RARITAN    CANAL, 

Waterways, 43-457 

Canal    Feeder,     22.727 

66.184 

MORRIS    CANAL   &   BANKING    COMPANY. 
Chartered    1824. 

Waterways,     102.648 

Lake   Hopatcong  Feeder,    .695 

Pompton    Feeder,    5-417 

108.760 

Total  Miles  Canals, 174-944 

Total  Miles  Railroads  and  Canals,  2,544.019 

l6ES 


242 

RECAPITULATION  OF  TRACK  MILEAGE,   NEW  JERSEY. 
IQII. 

Miles  of  route, 2,369.075 

'    second  track,   897.179 

"       "    third  track, 156.915 

*    fourth   track,    140.278 

"       "    running  track,    • 3,563.447 

"       "    sidings,    1,885.837 

Total  Miles  of  All  Tracks, 5,449.284 

Percentage  of  Miles  of  Route  to  Total  Miles  of  all  Tracks,  43-47 

Percentage  of  Miles  of  Sidings  to  Total  Miles  of  all  Tracks,   34.60 

Percentage  of  Miles  of  Second  Track  to  Miles  of  all  Route, 37-87 

Percentage  of  Miles  of  Third  Track  to  Miles  of  all  Route,   6.62 

Percentage  of  Miles  of  Fourth  Track  to  Miles  of  all  Route,  5.92 

NOTE. — Length  of  main  stem  and  length  of  track  do  not  agree  in  some 
cases,  for  the  reason  that  track  does  not  extend  the  full  length  of  main  stem 
in  all  cases  and,  on  branch  lines,  the  main  stem  is  measured  from  right-of- 
way  line  of  main  track. 

The  foregoing  statement  is  of  miles  of  rail  only  and  does  not  include  main 
stem  upon  which  no  rails  are  laid.  The  length  of  main  stem  will  exceed  the 
miles  of  track-route.  The  most  notable  example  being  the  mileage  of  main 
stem  of  Lackawanna  Railroad  of  New  Jersey  which  is  27.38  miles  in  length 


VALUATION  OF 

Railroads  and  Canals  of  New  Jersey 

1911 


CLASSIFICATION  SUMMARY. 


(243) 


INDEX, 


PENNSYLVANIA  SYSTEM.  PAGE. 

Pennsylvania  System,   Summary,    249 

Pennsylvania   Railroad,    Lessee, .  250 

Barnegat   Railroad,    251 

Belvidere   &   Delaware,    252 

Camden  &  Burlington  County, 253 

Delaware  River  R.  R.  &  Bridge  Company,  254 

Freehold  &  Jamesburg  Agricultural,    255 

Harrison  &  East  Newark  Conn.  R.  R.  Co.,   256 

Kinkora  &  New  Lisbon,   257 

Millstone  &  New  Brunswick,    258 

Mount  Holly,  Lumberton  &  Medford,   259 

New  York  Bay,    260 

Pennsylvania  Tunnel  &  Terminal  Co.,   261 

Perth   Amboy  &   Woodbridge,    262 

Philadelphia  &  Beach    Haven,     263 

Philadelphia  &  Long   Branch,    264 

Rocky  Hill  R.  R.  &  Transportation  Co.,  265 

United  New  Jersey  R.  R.  &  Canal,   266 

Vincentown  Branch,    267 

West  Jersey  &  Sea  Shore,   268 

CENTRAL  R.  R.  OF  NEW  JERSEY  SYSTEM. 

Central  Railroad  of  N.  J.  System,  Summary,   269 

Buena  Vista  Railroad,   270 

Carteret   Extension,     271 

Carteret  &  Sewaren,   272 

Central  Railroad  of  New  Jersey,   273 

Cumberland  &  Maurice  River, 274 

Cumberland  &  Maurice  River  Extension,   275 

Dover  &  Rockaway,   276 

Elizabeth    Extension,    277 

Freehold  &  Atlantic  Highlands,   278 

Hibernia    Mine,    2/9 

Lafayette,    280 

Manufacturers'   Extension,    281 

Middle    Brook,    282 

Middle  Valley,    283 

Navesink, 284 

New  Jersey  Southern  Railway,  285 

New  Jersey  Terminal, 286 

New  York  &  Long  Branch,   287 

(245) 


246 

CENTRAL  R.  R.  OF  NEW  JERSEY  SYSTEM— Continue*.  PAGE. 

Ogden  Mine,    288 

Raritan  North  Shore, 289 

Sound    Shore,    290 

Toms  River,    291 

Toms  River  &  Barnegat,  292 

Vineland  Railroad,    293 

Vineland  Branch,     : 2-94 

West  End,    295 

West  Side  Connecting,    296 

PHILADELPHIA  &  READING  RAILWAY. 

Philadelphia  &  Reading  Railway,  Summary,   297 

Atlantic   City,    298 

Cape  May,  Delaware  Bay  &  Sewells  Point,  299 

Delaware  &  Bound  Brook,  300 

East  Trenton,    301 

Port  Reading,   302 

ERIE  RAILROAD  SYSTEM. 

Erie  Railroad  System,  Summary,    303 

Arlington    Railroad,    304 

Bergen  County,     305 

Bergen  &  Dundee,   306 

Caldwell  Railway,    307 

Docks  Connecting  Railway,    308 

Erie  Railroad,  Lessee, 309 

Erie  Terminals,    310 

Long  Dock  Company,  311 

Newark  &  Hudson,  312 

New  Jersey  &  New  York,   313 

New  York  &  Greenwood  Lake  Railway,  314 

N.  Y.,  Lake  Erie  &  Western  Docks  Imp.  Co.,  315 

Northern  Railroad  Co.  of  New  Jersey,  316 

Paterson  &  Hudson  River,  3^7 

Paterson,  Newark  &  New  York, 318 

Paterson  &  Ramapo,    3*9 

Penhorn   Creek,    320 

Roseland  Railway,   321 

Watchung,    322 

DELAWARE,  LACKA WANNA  &  WESTERN  R.  R.  SYSTEM. 

Delaware,  Lackawanna  &  Western  R.  R.  System,  Summary, 323 

Delaware,  Lackawanna  &  Western  R.  R.,  Lessee,  324 

Chester    Railroad,    325 

Hopatcong   Railroad,    326 

Lackawanna  Railroad  of  N.  J.,  ,' 327 

Morris  &  Essex 328 

Morris  &  Essex  Extension,   329 


247 

DEL.,  LACK.  &  WESTERN  R.  R.  SYSTEM— Continued.  PAGE. 

Newark  &   Bloomfield,    330 

Passaic  &  Delaware,   331 

Passaic  &  Delaware  Extension, 332 

Rockaway  River  &  Montville, 333 

Sussex   Railroad, 334 

Warren    Railroad     335 

NEW  YORK,  SUSQUEHANNA  &  WESTERN  R.  R.  SYSTEM. 

N.  Y.,  Susquehanna  &  Western  R.  R.  System,  Summary,  336 

Hackensack  &  Lodi,   337 

Lodi    Branch,    338 

Macopin,     , 339 

New  York,  Susquehanna  &  Western  R.  R.,  340 

Passaic  &  New  York,   341 

LEHIGH  VALLEY  RAILROAD  SYSTEM. 

Lehigh  Valley  Railroad  System,  Summary,  342 

Bay  Shore  Connecting  Railroad,   343 

Lehigh  Valley  R.  R.  Co.  of  N.  J., 344 

Morris  Canal  &  Banking  Co., 345 

UNCLASSIFIED  RAILROADS. 

Atlantic  City  &  Ocean  City  Railroad,  346 

Atlantic  City  &  Shore,  347 

Baltimore  &  Ohio,   348 

Baltimore  &  New  York  Railway,   349 

Chesapeake  &  Ohio  Railway,  350 

East  Jersey  R.  R.  &  Terminal  Co., 351 

Elizabeth  &  Trenton   (Inc.  Trenton  &  New  Brunswick,  and  New 

Jersey  Shore  Line), 352 

Ferro    Monte,    353 

Hoboken   Manufacturers,    354 

Hoboken  R.  R.,  Warehouse  &  Steamship  Conn.  Co.,    355 

Hopatcong  Shore  Railroad,   356 

Hudson  &   Manhattan,    357 

Hudson  R.  R.  &  Transportation  Co.,   358 

Lehigh  &  Hudson  River  Railway, 359 

Lehigh  &  New  England,   360 

Lucaston,     361 

Morristown  &  Erie,    362 

Mount  Hope  Mineral,    363 

New  Jersey  Junction,    364 

New  Jersey  &  Pennsylvania, 365 

New  York  &  Fort  Lee,  366 

New  York,  Ontario  &  Western  Railway,  367 

North  Jersey  Rapid  Transit  Company, 368 

Pemberton  &  Hightstown 369 

Philadelphia  &  Brigantine,   370 


248 

UNCLASSIFIED  RAILROADS— Continued.  PAGE. 

Pohatcong,     371 

Rahway  Valley  Company,  Lessee 372 

Rahway   Valley    Railroad,    373 

Raritan    River,    374 

Raritan  Terminal  &  Transportation,    375 

South  Easton  &   Phillipsburg,    376 

Staten  Island  Rapid  Transit  Railway,    377 

Trenton,  Lawrenceville  &  Princeton,   378 

Trenton,  Lawrenceville  &  Princeton  Extension,   379 

Trenton    Terminal,    380 

Tuckerton  Railroad,    381 

Venice  Park  Railroad,    382 

West   Shore,    383 

Wharton  &   Northern,    384 

Grand   Summary,    385 


249 


tx  tx  ON  ON  ON  co  o  M  M  M 

04   04    m  04   tx  CO  M    Tf  in  co  CO 
M   tx  M   rf  M   o\vO  tx  tx  ON  co 


I-  2 

LU  Z 

IU  < 

I  > 

CO  _J 

>s> 

Si 

UJ 

OL 


00  OO"vO  txONCOTj-txONCOMCOMVOM  O  I0404OOQ  COOO  M  04 
06  M  tx  co  tx  O  co  O  M  o>00  >n  o\00  m  ^-  co  O\  M  cooO  vb  04  O  co 
MMOOOmMMTj-oS  04  vo  co  Tf  co  ;  in  co  O\vo^  oSvo^oO  M  04^ 


s.  O  co  txvo  txoo  m  mvo  co  O  04  O  tx  M  m  • 

&  o  tx  tx  ONOO  txOQ  ^*  Q  co  Q  O  txvo  ON  in  • 

i4  04  tx  ON  O  m  invO  cooo  txvo  04  ON  04  m  m  • 

.  ^  £  00"oo"vo"  of  rf  inoo"  O"o>txO"coO\O\of  tx  '. 

irt»£oOMtxO04   txVO  IOMMCO0404MQ  O  . 

">  >5  o  ^  M  g-  ??j^5  04MMVOMM0404  mvo  m  . 

•i^  M"       d\  in  invo"  M"       co  of  co 


00 


ONVO  tx  M  tx  m  M 
OO  00  ON  04  00  O  M 

O"oo"^O"  tx  co  in  of  vo"  of 
O  OO  ON  co  m  txvo  m  -<t 
ON>ntxONtx04  in  M  M 
M"  co  M"  txoo"  rf  tx 


f  II 

W3    ,h\    i_T 


TO     vt 

I 


«* 

>  ? 

HI  g 

<0  - 

DC  're 

UJ  CC 

>? 

uj   E 

Z    m 

Z 

Z 

o 

55 

3fe 

^ 

s  < 

if 

<  > 

O   CO 

§i 

5g 

Q    I 

§^ 
51 

<  5 


I   § 

i  2^ 
^  &- 


M    •  m  04  OQ  tx    •  o 


;  o" 


$  a&s 

04          CO^O 


Cl 


w 


co  co  m 

00   O^  tx 
tx  in  of 


co  O  mOO     •  04 
O   2"  ^-  04      •  tx 

i_O  <^O  ol  ^J"     '.  ^O 


04 

04  m  M   04  ON  co  O 
~  ON  ^F  O\  c^  M" 

M  o  MOO oo 


COOOO 
100O  00 
O4  vo  co 


01    O   tx 

O  vo  MD 
04    04    04 

CO^FC?; 


04^    •  ix.  T£ 

d\   '.  of  of  v 
co    I  m  co 


J- 


P5 


v,-         •    o   covO  "O  rJ-00  Q   txVO  M   O 

S  1  S-^sss^aS^vS 


:^  t<< 
1^ 


dv  of 


«i 


of 


vo  M  M  ONOO  tx  M 
M  TJ-  m  m  M  COMD 
O  "TM5  1-1  covOOO 
"  M"  04" 


M  _tx  in  M  o^  O^ 

^  M^  ^  04  ON 
in  tx  co  in  of  vo"  of 
vo  co  m  txvo  in  ^t 
M  ON  tx  04  m  M  M 

Of  M"  txOO"  T?       tx 


PQ 


£   03 


.      .  .T3 


be 


Sg- 


1.1 

to  bfl 


5  £  u 


|1  1  ^ 


•&.S 


•§11 


^3    r* 

-       - 


H      O>         ^ 

5   a;   c« 
5   G  •£ 

3  aJ  rj . 

4  ^1      ^ 

•"  o^ 

r^  «v 

W    03 

^    C3    xr' 


ill 


s 


•H 

oJ   aS 


Tw-j      Cfi      LU      OJU    £      C/J      V   j     *      v-*;_^)  CO      ^^  fH 

iWl^llllg&i'BJ! 

G.SoJCOn^^^O^^^oJ^ 

3  C  u,  aj  tiJs'tir'r  ni _c  o  <u  s      .— 


H  pq^feo  w  KH  S  PH  cn 

txoo'  oS  o'  M  04  co 


Q^ 


-.>£  rt  'g| 

VMT3  a,  ^  £  a 

o   i   o  o  as  *-• 

<U3  a  «  S  c 

^"fafi  ^  ^^ 

^"o-S  >  °£ 

3^    c  5^0 


txoo' 


M  oi  co  ^  invo' 
4040404040404 


250 


It 
PI 

<5 

-J  > 

<  QC 
>,< 

S  s 

a  s 

_J  D 

<  CO 

< 
O 

Q 

Z 
< 

Q 

O 

DC 

_J 

< 

cc 


1 

U    »£2       

'.'.'.III'.'.'.            '.      '.      '.      '.      '.      '.   O   t^  W   Q  co 
co  tx  in       M 

LU     So    :::::: 

CO 

10    i 
3   * 

# 

£ 

Q"       w  j      

^ 

<    .~iS     

•      •                        ...                                                   ^*  O\  txOO   O\ 

CO 

o  ^StS   :::::: 

CO 

DC     3H    ::::..: 

vcTvo"  rF      vo" 

Tf 

-i     > 
< 

^ 

1  !r   f  1    :          :   '   : 

i  S  JL2  : 

C    7    C/2*fr^ 

«  ^  <    =    :  i   :   '   '   ' 

+j  <  3     5 

J->u     g    ' 

*>a   "• 

T3    ft*    >-,.         

gig    g    :::::: 

'S  HI  ^M  S     

rr  Q.     i      ~     

*     I  ^ 

STEM 

Present 


MA 

e  Ne 


Railroad  — 
PENNSYLVANI 


DES 


00   rJ-QO   tx  co 
m  tx  M  tx  HH 

1-1  o\00  Tt  m 

*  -*          ^      _^          T' 


co  O 

\o  \o  o 
00  co  m 

00   co 

0  OxO\ 

M 
CO 

£*  ^ 

s 

'  \.f^\r-" 

^        ^r 

'*? 

« 

g 


gg 

i; 


&-s^s 


(D      .  Cu  ft 

ipl 

3   £ 


<UJS   g   0    b£^   03    ^D 

.S8  all-Il 


Kod  ON  d  •-<  oi  co  T}-  invd       rxod  ds  d  ^  ci  co  TJ-  invd 

M      HH      1-1      W     M     M      M  MI~II-|(NCSC^C^CSC4CS 


angib 


27.  Tota 


25* 


JERSEY,  1911. 

>ad  System  — 
PENNSYLVANIA  RAILROAD. 

)ND  CLASS  x  5.  6. 
4.  VALUE  NEW  PRESENT  VALUE 
w.  Present  Value.  TOTAL.  TOTAL. 

173  $7.473  $28,617  $28,617 

tx    o\        C 
O\  OO          C 

Q\ 
00 
vq 

* 

1 

5       oJ 
>       > 

0 

;       "i 
^ 

04          10  M      •            •      •      .   O4   tx 

00           .     .     .     .   o     

cxf      vooo"   *        •    *    '  of 

-Operty,  $94,202  $75,3^3  $12,719  $10,194  $106,921  $85 
Amount  recommend  by  Charles  Hansel  for  assessment,  31 
"The  value  of  re- 

incr  tlnp  frnnrVii<if»  ".  .  T 

.      .      . 

.      .      . 

O         O\  04     •  10    •     •     •  00  ON 
"3-        00    O\     -OO      •      •      •   <O  VO 

•         •         •     W         Q     O 

:  :   :  :  <*  :   :   :  :   :<g  ;? 

8  

•      •      •      •   CO     00   ^ 

>           *-          O     Ig;    j< 

2  I  l"l" 

iSsi    r  |5 
P  S  5    |J  | 

•   Tf     •   04    CO        ^J-     «      •      •      •   Q 
«    04      •   1O  O                  •      •      •      .  \O 

.  oo"   .  1000            ..." 

r;.      .    .   .   .04    

<  «        £  £ 

|3        S  |* 

0 

Q 
Z 

:  oo~  :  K  co         :  :  :  •  ~ 

en     

:::•::§.::;:: 

illliliif  iiljj 

*     '   en     '     ;     '     ;     '   a3     

Q 

O 
j 

••?•••?• 

:  :  :fc  :  :^  :  :  :  :» 

I           o           w    .'    '.    !  2  o 

::.,::::  :8  

.    .  o    t!    

^-*    &  ... 
v  r/r  rt        •    •  "S  "c 

H 

:       »o  s    -2^  :  :  :  o  ^ 
c  S     &  •   •   -<J:3  % 

p;  «g    •  S  53 

R 

Name  of  Railroad  — 
BARNEGA 

DESCRIPTION 
i.  Land,  

rt  c      ^           -«.S      cu'cs    •            -W"5      5    .aci      a     ,-•«      TO 

f   fl  f  ii^ff  fi?i.   fi  l|l'l  3  ^1  1 
1    *|  l-lli.lliiri2  1-liJ  1  15  S 
&    !§•  ||  .^'U*"!**!  6  l*8i  1  II  2 

•o         -5J2      S=..S^c'ag     ^&tiSS  =  m-2cgS      o      j?o      o 

g§  ^9  illlfeli^ll&l!lllfelis  s   sg  j 

^'•3^2"  of  rt  bfljjf£  o^  bo_g  «J  ^  ^  r=  oU  ^  g  "g  &^  c3  bfl      ^       *S.S        £ 

||||ifiilllil|!il!il|i|}ll  1  ||  | 

04  CO  T}-  iO\C  ts.00   O\  CD    M   04   CO  ^f  invd         txOO   C\  C>   M   04*  CO  rf  ir)<O         K         00                O1 

252 


-r  io  o.    .  M  ro 
co  fo  10    •  10  r^c 

HH      O      Tj-        •      CO    O 


o 

3  i< 

5  I 

<      * 

DC       £ 

I  ^1 


?  PO  d\ 

00   CO 


!"•-»  05   t^-*  Tf     •    ON  ON  ^1"  00 
O   HH  00   CH      -"q-coMO 


O   <O\O  CO      '    M 

£SN         :  w 


of 


f  i 

? 


T3 

I     o 


_j    %*"- 

Q  " 
I  jf 

•<  v^ 

Wco  %»   ^ 

•?  •«* 


VOJ>  w 


h  « 

ui  £ 

UJ  re 

T  Z 
(I) 


10  10  CO  IO 

IN.  O\ 

00  10 


Li^ 

<S 

_l 

UJ 
Q 

Q 

Z 
< 

LU 

DC 
UJ 
Q 

> 

_l 
UJ 

m 


:t|-|  i^ 
*£   ^  :  3 


^o 


Ss 

R5    r- 


.p 


3 


II  s  <f  £ 

^Ill-t^fr 

1          U    ft^   O   ™    2 


. 


rf  xo\o  Koo'  d\  d  M  o  co    •>(o      txoo 


o  ^4  c1^  co  Tt*  i-o 

CN    (N    C^    0^    OJ    0^ 


VJ 

•si 
i 


•as- 

rt'S^1 

"^  .^    <U 


^  be 
rtHH  c 
>  o-s 


5      « 


253 


RAILROAD  AND  CANAL  REVALUATION.  NEW  JERSEY,  1911. 
SUMMARY  SHEET. 
Name  of  Railroad—  Name  of  Railroad  System— 
CAMDEN  AND  BURLINGTON  COUNTY.  PENNSYLVANIA  RAILROAD. 

,  MAIN  STEM  ^  ,  SECOND  CLASS  N  5.  6. 
-P.  .  1  .  2.  3.  4.  VALUE  NEW  PRESENT  VALUE 

Value  New.  Present  Value.  Value  New.  Present  Value.  TOTAL.  TOTAL. 

£8*?  iS-ft'R'S  :^£<£§ 

CO  N    Tf      •    ONVO    N  00       •    in  M_  ON  O^ 
M"  i-T  1-T     *   rf  Q          T?     !   CO  Of  COOO" 
O        00     .MD   N                 .               Tj- 

<&-        i               : 

Q  ON  ON    •  ON  w  oo  O     •  ON  <M  w  00 
i-T  i-T  i-T   °  to  of     vcT   '  ^  to  cT  I-H" 

CO        ON    •      •  00  00     •     •      •      •  in  Q 

o\      o<    •    •  10  01    •    •    •    •  ON  o 

o        ^  10    •     •     •  m  N     

Total  value  of  tangible  property,  $59Mi3  $473,585  $131,432  $94,623  $722,845  $568,208 
Value  of  sub-division  IV.  "The  value  of  re- 
maining property,  including  the  franchise,"  1,000 

Total  value  of  all  items  as  above,  .  $569,20? 

S   tcS  •  •   5«  • 

.     HH                         . 

O       o  *o    •     •     •  *n  tn,    

ON       o\  ^    ••••-<  M     

of        ONCVJ...OO'-^ 

\O                       \  \Q           '..'.'.  f^OO 

'-|         .  tx   .    .    .  Q     

^O                     «  ON                            O  *™^ 

c«f     :  J  :::*}:::::: 

•^-(NHH        ONO       00        IOM.. 

:     *::::^::::: 

oo"     oo      vo  2" 
w-                     N 

l^x  ON  o        ON  O        O        ON  M     •     • 

•    ft  .  i  :.::'  a  »':•.:::.: 

^NHH       oo"t^       ON      \o  ^    •     • 

ON----I-II-I     

Tf  M     HH            J^<N            ^O"            ^f^.. 

06      oo      oo  o                            . 

ON;...ofi-i    

:  :j  :  :  :  :  :  jf  :  :  :  :  : 

::::;::  g,  :   ;  :  :  : 

:  :  ^  :  :  :  :  :  S  :  :  :  :  : 

:  :  :  :$  :  :•%  :  :  :  :  • 

:  :^,  :  :  :  :  :  S  :  :  :  :  : 

r:  :  :|  :  ;-§  :  i  i  ;§ 

•  •  u  ti  

:  :  2  :  :  :  :  :  »  :  :  :  :  : 

.    .    .    .~    .    .  J3    .    .    .      « 

:  :  :  :  u  •     «  :  :  :  52  o 

jn        I  .  I    !    *    i  n    I    I    1  1?  ti 

:;.::gjj     S>  :  :  :'|J 

tn   ^         w1                '  V>  So 

bfl         ^n  c      -o             -  .,  c 
C           as  £>       ^           w  "£  <u 

1          ^^      §          £.*>•« 

*§             b£  0,       bC            Sb  «  C 
&         -§^     rgbo     '5^» 

.3    tn        ^5         en  ^   bC 
*O               05^         nJ  '^      -  £    C    c 

c^::':'—:.:<u^ 

-3  •   •  :   •    ^     c   •  S  E 
i)  r3   *          *  c/r  °J     oj^diOi 

g"  ;••       :  s  w    s  c'3's 

^  fe  •  :  •  :5-3    .a«  g-g* 

CLf  ^     yj*             C/5         *     CJ     O               ^J     CH  ^^ 

ff^lijltf^S   a  Mil 

CJ  *rt   -M     O  *"Z^             *^             QJ           *^                     «—< 

'&!  ^  aSl  ^-s  w"S.s  s 

rW    bcA'2   ooi>    C   "^   rvS^    bJO^'-^ 

^^J  *-"  ca  "^  gj  ^.^2  ®  ^  cn'S.j^  o 

ts.00  ON  O  M  ci  co  Tt  invd        txOO  O\  O  >-<  oi 


^      £ 


254 


II 

CD     Z 

«  in 

X  Q. 
CO 


<      °l 

.^  «<:    co      m 


in  oj 


^  O  co 
covo  CO 
VO  O  O\ 


I-H   OOO 
ON  ^oo 


Q 
£ 

8    : 

Srf 


5    IXA 

^    co 
a   VO 

;b    ^ 


_i  > 

<   DC 
>   < 


CO 


Z      § 


*  W-        M 


R 

vS  S  •  vS^o  i  • 

fc»  .  .     •      •                04 

g  "":  :       ;? 

S 

of  co  ;     oo"  of   ; 

~      :  : 

? 

tx  *o    •  ^o  o  lo 

C*q            .     .     .     .  (*j 

ln 

LO  M      •   O\  -^-00      • 

01          •     •     •     •  m 

Tf 

m 

ci  of  :      oj  to  : 

T3 
§^ 


rt  « 

SI 


;P 

"aj    OJ 
.   03    C 

•tra 


_ 

fi«*H     wT       „ 

JTw  £  rf 


•  -t-^-t-J 

'  G  G 

•  <u  eu 

'-  S  S 


-  S  « 

>»      **  > 

*->  <u  ^;  o 

S^  ^  ^ 


,&lll 

<u 


s  oj  c 


^.§'0     * 

rt'2-^    ~ 


be 
-  C   C 


i.sa 

T3T3 


H     *"•     vU     i^  ^^ 

^.fe  S  R^  S 


»§jf  rf«  be^'^  oj3  be_§  ^ 

fflWiflilS 


03 

r-     ^ 
^^ 


^  s 


03        M_); 


<U   3   di  «U 

3  ^  be  ^ 

03M-*   C  03 

>   O'S  > 


03 


di  o  M  oi  co  ^t-  iovo 


255 


I  S£ 


iO  01  01    Tj-     •   OJ    IX  O\  Q 

0<    w  OMx        wcOi-HOO 

CO    10  OSVO  «O    tX    HH      I-H 


*T  tx 

lx\O 

10 


of  oo~ 


Z   h- 

<L> 

f 

^j 

0  [Jj 

£ 

{ 

-5 

ns 

K^ 

•       T 

z 

^ 

<    CO 

ic 

D 

,§ 

_J  > 

w 

H 

<  01 

CO 

>   < 

LU   5 

£ 

ii 

CANAL  R 
SUMI 

SBURG 

ULTURAL 

,  MAJ 

A 

I. 

Fo/w^  A'"^ 

Q 

LU 

O 

Z 

S 

QC 

< 

< 

0 

ON 
ONV 


oo     \  M 

^ 


10  of 


10  o 
10  h-T 


4 


±  n. 
'J5 

DC 


'   G     ' 

:  :  5  :  :  :  : 

ances, 

' 

in 

3 
a 

T1 

B? 

« 

rt     • 

s  '• 

rt  : 

•  w 

:s 

3 
o 

J3 

;  ;i  [j  ;;  1 

•  OT 

S  rf  :  :  : 

.GO,  .  .  .  . 

§ 

S 

*t3 

If 

ng  and  grubbing,  . 
atinn 

;s,  retaining  walls  a 

and  its  appurtenam 
i^. 

be   . 
t/T    I 

"S  : 

cd     . 

g,  : 

s£ 

03  ^ 

u  oj  b 

)  £00     (, 

.  .  m 
6'S 

*w^ 

«*0 

5§^ 

S^ 
J5  tuo 

•§) 

C/3 

be 

_c 

13 

R 

;  «•§  •'  :  :  : 
;II  fji.j 

•  S^14^  wT  „  ^  * 

c/3  4^  ^  ^  C  c^3  ^ 

w-tJ  i3  o  ^  ^  £ 

ill!  ail 

rt  03  rt  -4-1  -  0  <U 

laneous  structures. 

machinery,  tools  ar 
lotives.  . 

iger  train  equipmen 
t  train  equipment, 

1.1 

5*3 
cr  cr 

<L>  <U 

"rt  G 

VJ1 


I 

ctf 

C/3 

rt 


v  r^  *""*      c 


^  OT  bfl    ^ 


<5\      »-J 


256 


'*! 

wH 

8 


3 

in 

§£ 


*       I 


r  I 
Jl 


O 

H  <u 

Hi  E 

in  re 

I  Z 
CO 


II 


2 


Hl 

Z 

<o 

HI 
O 

ll 

ll 

f?  tt 

DC 

«JT     < 

0  I 

o> 

E 

z 


* 


• 


s^ 

o 


•  w  be 

-^   G 


>-»          <L> 


(U    <U 

6  S 


^^-y 


"^    O  VH      ***  r/S      K««^»     ^H      *^  *~*      (—•  »— H  »— '      *-u      D/J. t      <1J     r^ 

sfjftfS  §rs||  p s  |1  ^^.g'5 1 


T3    «= 

03 


T3 

S  s 

aUO^WHfeOpq 


ill 


C7>  6   -i 


vovd 
c^  c5 


w 

^ 

f\ 

>^ 

"S    vo     M~  of  M-      ;   ;     ^  ;  :  fC      :  :  :  :         :  :  :  :   : 

^ 

u 
£ 

Stf 

'£S 

^ 

tAILRO 

S 

P-I 

w   • 

! 

u. 

<tf 

^  < 

iOVO~        t^ccof           ''          lx''of           ....                  

%      : 

p  f 

••"• 

,_j  tr1 

<^- 

Z 

<; 

g- 

, 

JSYLVA 

> 

«j 

_s 

t^ 

ro 
CM          ; 

JERSEY, 

a) 
X 
T3 

re 

1! 

Q.   C 

C 
2 

:*s 

'  1 

t 

N     ••••  ^'    •.••-.  U>     <•••            
*$•*..•  (X     •••••  »O     ...            

^         • 

£ 

E 

C 
ft 

^"  .    .    ;    .        .    •    ;    '    •  t~C   •    •    ;        

fx             * 

^9^ 

til 

[£ 

Z 
Z  H 

M- 

0 

0> 

^ 

<^ 

K 

Si  S 

re 

a 

tx 

<  <"n 

Z 

<&         P-H          M   in                  ....                   ..... 

8      : 

D 
_J   > 

<  o: 

Js 
PI 
£- 

c/ 

£ 

!  i 

H              S 

<^>i-iO         rxOQio--fO'--t^          .••••^J-io     

<& 

10 

Z    - 

3     ,£ 

^fwoo      vo«Tf§^..Jo-..^            ...  ^^2    

Tf 

_l   D 

0  £ 

CQ 

i11™  Cu 

10      \O        t-C  co  oi                                    '  of         ....               
&>       M        o<  r-x             '     '         '     •     •              ....              

&              ' 

<    CO 

Z 

o 

0 

Z 

< 

s 

UJ 

Z 

Q 

:':••:  :  :  :  :  :^  :  :  :  :  '  ^  :  :  :  :  : 
....::.£.  :::::.  g  :  :  :   :     ^::::: 
:;:::.&::::;::;«:,::::«  
.  .  .  .  ^  .  ..M  ..::..:      :  :  :  :  :  c  :  :  :  :  : 

^9^ 

iES 

***  jS 

ILROAD 

Z 
< 

< 

oc 
0 

..•••«•    .'B    &    «    

:  :  :  :fc   :  :^  :   :  :   :s"  :  :%  :::::-::::: 

:::  :^  :  :j5  :::;-:  ;i:  ::::  :g;  :::• 

n  l^  i  ii!  ji    M-^  ii 

^  rt 

1  —  '      tn 

III 

0 

1 

n 

< 

cc 

Railroad  — 

^ 

Z 

^ 

DESCRIPTION. 

•   •.••Co      SB  I        ^  S     •j:::3----      c     "g-SS 
:           J2g     4         '«'§)     |5  :  :  :     «^     S^'3*3 

•.S                            ~~£  s     -§  b   '   :   1     5*0     -^g^^ 

2^  ^ 
1^1 

be  o 

ct 

v: 

S 

"ri 
C 

<4- 
0 

0> 

_ns 

:  ^  .2        ^  *§        "  &S  «  «  ^  ^  ^  :!  §  ^  ^C^-|a;Sc° 

.  Total  value 
.  Value  of  sul 
maining  pi 

0 

73 

> 

*T5 

KOC   O\  6   i-i   04   ro  TJ-  lOVO         txOO 
Mi-Hi-iO^C^C^OlOlOlOl         04    OJ 


I/ES 


258 


0«£l 

^  S5<2 

O      EH 
DC        £ 

d     ^ 
<      ^ 

OC       «4 

l^g 


O  01  co  •   ^t-  in  O  O 

<"O  fl   O  •   01  co  ft  o 

O  -41  Tf  -in  TfoO  co 

x?      \o"  ;  m  M 

y>      co  ;       rr 


01  co   •  "*?£>  ^ 
5"   :  vcToo"  « 


5        I 


^  uj  J 

X  CL  '-> 
CO 


*      I 


(0 


a  4 

z 


I          * 

D        2 


\o  m 
tx. 

•o" 


tO''OOl.---i-H(M 

CO--COCO.---ONW 

tX-'l-t  .•••tXTf 


vo  m 
tx  m 


^-  inoo  o O\  •  •  •  •  O  O 

oioooS 9  •  •  •  -Kin 

mcotxco ^O  •  •  •  -co 

in  cT  I  H-T  ; 


\0~vo"  ~ 


ll 


be          s 


03  « 


5.S      s« 


J3  JH  ,«  3,  j« 
^3    ^a^- 

rt  jrt  ^t)rt 

-S-x  2  &>••= 


rj    O 
U   O 


1  ill 


•5  g 


.-2  c.S 

So   .. 


MA'S  ^'i:  c 
^3.1J'= 


>, 
v 

^  .S   t/j 

^n  <u 
5,> 

Is! 


re  o  .c  <u 
^^^•^ 


<L>    O 


^  M  bfl      ^ 


M  «N  co  TJ-  ^n  vcJ 


259 


i 

o>  Z 


VO 


z    8 

o\     8 


r  i  s 

ti  >  3 


§ 

^e- 


:1 


<  01 


OC  ^ 

^  D 

<  to 

z 


rx  vo 

CO  vo 
Tf 


OMO 


I 


™  . 

.  <u*r> 

. 

•en     3 
.    j-,     .......    0 

j 

.     . 

m 

0 

§ 

. 

J 

27.  Total  value  of  tangible  property,  
28.  Value  of  sub-division  IV.  "The  value  of  r 
maining  property,  including  the  franchise 

'  bo    . 

G 

:-5$  .  .  .  .      :  :^ 

<U 

*T3     !     '     '      I   ««     •     '   « 

tJ 

.  TJ3      .                    •    o      •      •    rt 

s 

•  g    ••••»>••  h 

0, 

*     " 

b  • 

^  «r 

•sMJP    I.; 

* 

*     | 

;     ; 

a- 

X3 
G 
05 

03 

1 
•4-1 

>, 

u 

<u 

.S  c/ 

r<  a 

ll 

Passenger  train  equipment,  .  . 
Freight  train  equipment,  
Miscellaneous  road  equipment, 

26.  Floating  or  marine  equipment, 

.    .    . 

rt  £ 

Ci                       "-<    (V)         '^  »-5 

bo   I    '    "rt  G          -Q 

be 

_g 
)5 

^5 
3 
Lt 

bfi 

§§ 

to  '5  * 

all 

JOO^ 

ra  G 

03    C3 

si 

^B 

bo  d* 

.£§• 

i.s 
>5 

of  C3    b 

a^.s 

fls 

£    i-i    <L 

m^ii 

'  43.5        i>  rt 
»  of           '  »  §>      c-  ^ 

T3                »^j  C        O 

1      f-C    -|^ 

la  Wftfia 

13  s  ^x  c  c°'5<  c 

U   CD   Qfi  Q   CQ  ^<          ro^ 

^GC(U,l'2'T:)rH(y 

B||||&|§'|| 

fc«  ^  "S  a  «»  ji  °  <"  ^ 

Opq^^fL.c^QHH 

t/T 

OJ 

§ 

o 

44 
o 
rt 
u 

-M 

'O 
G 
rt 

Pintsch  gas  plants,  
Electric  light  plants,  .  .  . 
Grain  elevators,  
Miscellaneous  structures 

1   04  CO  rj-  voO 

txOO   O\  O   w   ^  co  "xt-  voVO 

txoo 

S^R 

HH  0 

iS? 

^"  U" 
OJ   W 

260 


^  t-I  GO         O      *  ^O  O\     *  HH      *  t*x    "  04  10  O\  O         *O    J  lOO 

5*«  S  »-•       W    *  00  ^   !         I  H*  m  >-i    ;         • 


O    Q   XO 


•  \o    •    •    '-M eo  fc» 
•    •    -oo  ^b 


x  Q. 
0) 


^     S 


£   ' 


o 

H  «u 
u  E 
LU  re 
I  Z 
(0 


K\\\ 


.      C/5 

•  s 


:•« 


•  rt.S 

•  lo'Sb 

•^•6 

&  S  I 


£  «r  P 

CO  (U     « 

C  C  -g 

£  $4   ^ 


§g 

6  a 

C^  d. 


.S  CA,     S.c    '  cn'g  So-g^*§  "^  °  ^-M  o  ^  c    -'£  c  ^  £ 

'^' 


Tt  "t 

10  10 

1O  1-1 

MD  vo 


•S 

O   '"O     •  OO 

CO'-'-OO            ••••O004-'-- 

"9 

<3      Ol 

^8 

^?,  •  qj 

2s  :  :  :   :"£      :   :   :   :v8"§  :  :   '-  '• 

S> 

•^  \rf 

.8 

t>  ec  !  M 

Q  04 

1<....O"           ....cool.... 

^ 

(<M  ~  ^ 

04 

00  04 

oo 

^ 

*| 

w- 

0      "*< 

s  ?:« 

$ 

00   O\     •   l^ 
10  ro     •    ™ 

ro 

R 

<  .>,  3 

oo"  6\   '  04" 

ej 

^"~  «a    ^O 

"3 

S;S 

04..            I*-1            ....          04.... 

^^ 

O\  CO     . 

I    •        •            III!            '.'.'.'. 

of 

- 

<^ 

i 

o1 
<&- 


IF.| 

.*S 


!_!_,  VT^      Q, 

o  V  o 


^  ^  be 
rt  «-M  c 
>  c-p 


^  rt      SJ'^       5 


K.OO  o\  o  ^  oi 


261 


V  JERSEY,  1311. 

road  System  — 

PENNSYLVANIA  RAILROAD. 

pmvn  rr  A  cc  c  * 

*      3     ZZ^ 

J         O\         01    O   "3- 

j^  i-i   d\      00  t^  of 

.>•>  <    10        Tf  co  Tf 
Df-i  H     N         MD   O    CO 

|H                        "5  ~ 

w 

2 

j,*  i  t$<j? 

j    2  o*     of  of  c?\ 

u     •  -  •  9  w     •  '.*    -*     *-O           •     •  Q        t-<     

CO    IO         < 

1O    Tf 

3        \f 

*  1 
£ 

oT 

1 

en 
rt 

O 
cu 

*c3 

'cd 

£ 

£ 

lO-.Tj-C^-.-.C^               ..IT)          CO      

M    •    •  5  »V             *  ^       ••°°      *>!!!!!! 

^••OO-.-.M          .-0        10    

I 
1 

"'s^     0?        VO   CO^ 
> 

f  1  §  :  :  '  ' 

»  .2  f 

3^-t-     10     ' 
-       S  69-          '      '     ' 

^       K 

Os 

5    tl§:  '   '  ' 

)     ^    f\T    '     •     •     • 

|  :::::::::      :  :&  :::::::: 

27.  Total  value  of  tangible  property,  $8,609,509  $8,231,285  $370,918  $338 

Reduction  on  account  of  obsolescence, 
28.  Value  of  sub-division  IV.  "The  value  of  re- 
maining property,  including  the  franchise,".  . 

AND  CANAL  REVALUATION.  NEV 
SUMMARY  SHEET. 
Name  of  Rai 
EL  AND  TERMINAL  COMPANY. 

/  MAIN  STEM  ,  ,  SK 
1.  2.  3. 

Value  New.  Present  Value.  Value 

$207,245  $207,245  $5- 

648,210  648,210  .  .  .  . 
5,302,096  5,037,000  
1,369,845  1,342,448 

5     |||i  |  Hi     ;  ;  ;  ;^;  i  i  i  :  : 

^  :  :28  :  :  :  :^     ::::»?  

£:   :lt:  =  =  ^      M  Hji  1  i  i  i'l 

:      :  :      :  :  :  :  :  %  :  :  :  :  •  «r  
S  •      •  •  •  *  •  w  '  •  :  :  :  g  :  :  :  :  : 

RAILROAD 

Name  of  Railroad— 
PENNSYLVANIA  TUNN 

DESCRIPTION. 

i.  Land,  
2.  Clearing  and  grubbing,  
3.  Graduation,  
4.  Tunnels,  

5.  Bridges,  retaining  walls  and  culverts 

/:  m  i  .  j  •  ,  , 

:    ^  :      :  :  §  :  :  *|  t:  

g    -3         l^'c     §"  :           $*>     «?"'l'l 

J      t.          »?  ti  U     _2  fc,                  ST;      c^tucrcT' 
g     g        ll^     •§,«„-  .«     15  8     '36^ 
g,     5^         g,'g  |    ^  g  £  42  £      S  "      ^'^  c 

2  llllHJ!i1ill|||:1|s 

-i     ».  tuQ.ir,^   «        3  n?   di-^1  ^            ^;  C  r3  \j3  oj  -M  C 
D  txOO   O\  O   I-H   OJ  co  T}-  1OVO         txOO   O\  O   M  oj  fO  ^f  1OVO 

262 


W         O\  CO  -3- 
13           >-l    IO  i?) 

-r        ^fco^- 

O   1O 

Tf  <N 

OO  l^x  tO  to  O\     • 
co  10  1-1  \O  co 
-3-  •**•  01  co  to 

co       o    •    •    •  *o  to    
o       to    •     •     •  o\  O     
oo       m    ...  10  co    

CO          O           CO 

ci      o"      ro 
^> 

tx 

1—  t 
IO 

JERSEY,  1911. 

"oad  System  — 
PENNSYLVANIA  RAILROAD. 

:OND  CLASS  ,  5.  6. 
4.  VALUE  NEW  PRESENT  Vj 
Jew.  Present  Value.  TOTAL.  TOTAL 

,735  $27,735  $127,419  $127 
353 
46,454  46 

co  d\ 
to  o 

tH 
^ 

ci  co 
vO  to 

o<  c>f  T?     ^o* 

CO  O   CO  04   O} 
^OOO  ONVO  ^ 

Tf  fx  tX  VO  tO 

S?    Cr  *      '  ^  0s  '  '  •  •  • 

tx       00     •           •   O>  co    • 

fOCOiO        rj 

f?      ^o    !         I  "<£        '.!!!! 

Total  value  of  tangible  property,  $374478  $317,588  $78,039  $6s,375  $452 
Value  of  sub-division  IV.  "The  value  of  re- 
maining property,  including  the  franchise/'  

Total  value  of  all  items  as  above,  ,  

:  :? 
:  !  **» 

:  :  :  :  :  3  : 

•  :   •  :  -vo  • 

:  :    a  :::  J  :::::: 

•      •          CO     '•     '      *             '"'''.'. 

:  :g 

^  • 

00      •      •      •  tx    •      •      • 

\ND  CANAL  REVALUATION.  NEW 
SUMMARY  SHEET. 
Name  of  Rail 
D  WOODBRIDGE. 

,  MAIN  STEM  %  ,  SEC 
1.  2.  3. 

Value  New.  Present  Value.  Value  I 

$99,684  $99,684  $27 
353  353 
46,454  46,454 

if 

co  of 

LO   O 

l8^ 
15 

:::::$: 

co  tn  H-I  \o 

•  O           •     •     •     •  Q\  O     •     •     • 

•^  Tf  04    CO     •      • 

Of   Of   T? 

•  ci      •   •  •  •  co      :  :  :  :  : 

^•O  00  ON^O 

;g  j  j  j-iS8j  j  j  j  j 

:  ^      :  :  :  :  ^      :  :  :  :  : 

•  c/r  
:  E  :  :  :  :  : 

:  :^  :  :  :  :  :»  .  :  :  :  : 
:  *  rt  :  :  :  :  :  y  :  :  :  :  : 

..    0      .....    C      ..... 

RAILROAD  t 

Name  of  Railroad  — 
PERTH  AMBOY  AN 

DESCRIPTION. 

^and,  
Clearing  and  grubbing,  
jraduation,  

Funnels,  ^  
Bridges,  retaining  walls  and  culverts, 
Frack  and  its  appurtenances,  

^  encmg,  
Crossings,  cattle  guards,  gates  and  sij 
Block  signaling,  
interlocking,  
Miscellaneous  signals,  
Passenger  and  freight  stations,  
Shop  buildings  and  engine  houses,  . 

rf*  :  :  :  :  :S     :  '-%* 

S  S'  :  :  '  :  :-o      1  :§§ 

•—  '  2     •     '     '     '        C        C     '  c  ^ 

irj        >-"  *-"  J5  *H<  C  ***  "      .5  ^>  *"*  ^ 

•«'2"'~'CJC-i^_,Oc/5r^        ^^c-i^S 
^    ^  u    ^  'h/O  ^    O  iS    ^  "*""  *rt    O    J-H 

*B  o3  £  *§  -|  "B  •-  o  a  o  OT  .|£  o  •§ 

t<od  d\  o  w  o   co 


Kod  P 

01    04 


S         "(££          IT  $ 

I-T       •^•O  04       m  co 

M      01           O 

^ 

.             j<    4      HI               M             00     W 

Q.**^  <    01          w          IO\£) 
(Q  j.,    JH    ^/J. 

•••l°--~      !:':•-••:"     

cc  n-      i-, 
\o   o 

§ 

0       IH 

o:     g 

j     £ 

•  •  •     •  •        •  •  •  •        

<^ 

^           :£          *""*  /-v^  vo          rv?  ^"^ 

O^ 

QC        £  4    3-3S   01         tx  0 

•    •    •    -oo         

3^  • 

S53      tJ             HH               tfv£f 

<lX  W  S    04          M         00  CO 

•  *>    •    •  N       •    .    .    .  ^       

»«2  *^ 

CM     -*-1 

z     3 

*  g 

o> 

<     > 

::,::?:::      ;;::S:::::: 

«« 

<L> 

M     cn 
_.     en 

Sj  «» 

f  JERSEY, 

|gS  i    :-:- 

</)                          (X, 

•g     gg2  ::::«? 
o  <  ^*  •  •  •  •  J3j 

„  „  

of  »_, 
«9-«8 

«l 

UJ 

z 

Z  h 

o  m 

-    [1   :"- 

1         r    |  Sg^.8    I  2"M 

^2  a; 
4^-1: 

03 
.C 

O 

E  ^ 

H  UJ 

g            ^^  S  ;Sd( 
z        lcl|^     ~    i10^ 

;   i  !  .  i  :  '-i       :  !   :   :  of      :  :  :  :  : 

S^  w 

t-H      *O 

EVALU 
MARY 

S  | 

•7      ^  CO  M  Q     •  in  Q 
.  ^      §  vS  00  ^     :  ^  Q 

§ 

^S 

00     C 

v3    a 

JD 

>     1       s  ^- 

of        .    .    .    .  co        '.'.'.'.'. 

tx  w 

g^ 

<    CO 

0 

Q 

Z 

•l!     ' 

8      ;;;;;; 

Ul 

m                  :  :  M-  : 

$   c/r  
:  OT-  .::::::  g  :  .  :  :  :  «  ::::•: 
:&:::::::":::::£::::: 

*^  § 

< 

•         «5fl 

•         ^  S? 

i     o| 

cu  c 

avoa~ii 

;  ;  ;  if  r; 

z 

<       ;  :  ;  ;B  • 

<           :  :  :  :-o  25 

'.*?  i  i  '.  i  *>  '.  '.  Q  '.  '.  :  '.  :  x  '.  '.   '  '  ' 

s      •  is    Is          a  H    1  1 

Z  :  :  :  §  S     1  »-  :  :  :  :  i  rt  i  :  i  *  « 

^3    S 

:  j* 

>>            >•    <L 

t!       S^ 
|     ^g 

i 

)        rt 

<*; 

M)       •         *         I     Cll     C                         rQ                                                            C                 £'£iC 

^                   ^ 

W3 

DC 

Name  of  Railroad  — 
PHILADELPK 

DESCRIPTION 

i.  Land,  
2.  Clearing  and  grubbing, 
3.  Graduation,  
4.  Tunnels,  
5.  Bridges,  retaining  walls  •< 
6.  Track  and  its  appurtenar 

p           T3  _  bc^-5       &«£J  en"    ^  «T      "^2       S<  a,«r3  <D 

ig.ll  §  kil-sJ  2  §>«!  I'll  fe£  1  ° 

*M  C  w  °  -^  bc  jn        rtrt^jucjOJ^PobJO^rtb/J 
P'Sl'S  1  a|  &!*§  H.SlJ  al  IS^I 

g  g  O  i*.S   ^   °  o*^   ^   rt  C   a   g-«   °   °  OT   ^-2  § 
Koc5  o\  o  >H  oi  co  TJ-  invo       txod  a\  p  *^  oi  co  -^f  tnvd 

a     >^ 

^    Si 

:S        c.S 
be       o 

1   '|£ 

,r  4, 

^        ?§ 

*      -§c 

^!  .      M  b/ 

?•  11 

a!          s  rt 

•S      •«  H 
^      > 

^    ^ 

W 

S 

s 

-t       ^  , 

"5 

H         MH 
O 

H               <U 

3       ^ 

"c 

264 


I-* 

vO   ^— 

-v  5 

ro  X     fv"i  rS 

.H  «  ^LV 

K<  _J 

oo"  i~ 

oc"  ^f      2* 

\O   O)  vO   HI' 

tx                 .      .      -CO  ^r     •      •      •      •      • 

co       :    ;  ;-   •    ;  co       

_ 

^  <3 

—  j-   »— 

MD 

T|f    HH 

<N 

CD 

f-i  ^ 

{f\ 

)—  i   ro 

< 

fc£ 

•    •    .    •            

DC 

_l 

w 

<r 

> 

^     r^ 

p/ 

^O*\j*^    rS    fM^ 

oo  o  *^*  o 

2.                                           fv-N^r? 

rr 

w  ^ 

VO     ^ 

^o\ 

tx  O\  ^-O 

M    co  ^f  O\ 

of           ....   co  Tf     

<• 

10 

«g 

od1  1> 

3t  *" 

^ 

&£         " 

r^co^^ 

oo"~      :  :  :  :  di     

7 

SH 

< 

_l 

>4> 

> 

1 

_s 

IN* 
•0 

S 

.  qo  Q     - 

•      •    01      • 

:::  :R  :::::: 

(J') 

Z 

1 
:/} 

3 

•  :vf  : 

(1) 

Z 

x< 

^  13 

C/O- 
tyj 

.  •  ^  . 

4J 

III 

ii 

(/) 

5" 

-0 

Q. 

p 

^ 

«i; 

CO 

.     •  rx    . 

•   •  .   •  *>x  

ro 

>H 

s 

'0 

o\ 

'    ^ 

£ 

ON 

3 

-3  ' 

u 

<, 

** 

;    ;oo 

:\o  • 

•      •      •      'CO     

.— 

14 

_ 

:  co  • 

ir 

1 

W- 

* 

<£ 

E 


S    fo~  O 


<  cc 

UJ   S 

cc  2 

_]   D 

Z 

o 

o 

z 

o 

o 

cc 

-I 


. 
o    ^ 

Z 


»O  04 
co  O 


~  :oof 


o?  :  ~   ': 


I 


&« 


rt   Q 


be 


bfl 


n 

j£  tn  rt 


:  o 

.'5 

.  as 


_ 

w  " 


30 


.*j»d 

ac 


quipment,  . 
pment, 
d  equipmen 
e  equipmen 
ible  prope 


Iga 

n 


;-Sil 


S&g|l 

„  „  .h  w        rt  ^ 

^-S^c^^cSGO 

,5  g  §*•§.>  rs|ss 

-  -     -'^  S)^^  bcl* 

SS'S'S-a 

^^•^0^ 


r.i 

.*5 
>3 

I— I    U 

r-  C 

5*1 
'5  ^> 

!S  S 
1  & 

•S& 

w  bo 

1! 
^s 


M  oi  co  TJ-  10-0  Koo'  d\  d  M  oj  co  j4  vovo      K^  o\  O  ^  oi  co  rt-  tovd  K.     oo 


265 


5   I 

Hi        re 

Z         * 

"o 

Z  H    «> 
O  W    £ 

-  UJ   re 

b  i  z 

<CO 

-I   > 

<  DC 
>   < 

S   S 

*  S 
_l  D 

<  CO 

O 

a 

z 

Q 

O 
DC 

_j 

< 

cc 


z 
< 

ii 

to   "J 
X  0. 


3 


3 


<?*         g 

i-4      ^ 

o  ! 


I  2 


> 

z 

2 

^ 

o 
o 

Q 

z  z 

<  o 

Q  H 

<  < 

O  »- 

s  s 

=12 

<  CD 

DC   Z 

I* 

* 

O 
O 
DC 


<  .: 

S<- 


QO 


'     '  co~ 

f  • 

•  c  • 
:  M  i 

•  CO 

.:;;;; 

irtenan 

.      .      .      . 

; 

a 

CO 

id 

to"  ; 

^  co" 

:  rt 

:      :^^ 

I  o 

*  o;  <u 

rl 

rt      ' 

43   cu 

.^H  ,  * 

•  LO 

•4-T       '     S 

[PTION 

be 

to  s 

*a  '. 

.  a3   G 
'  tj  & 

a-2  : 

^  c 

co"  ^ 
<L> 
S-H     CO 

5*0 

g  J..I  | 

.&!  ^s1 

0 

! 

b/o  a 

•I* 

3  .§ 

to  '• 
£  be 

"J3  f^ 

u^ 

•IH  E 
.§111 

O-<-M  to"  ^  wT 
*}  «0  S  e*f  •« 

-IS  a  a  -a  S 

**  2  2§-|«r 

u-g*»«o,^3 

t<  5  -_w  S  •? 

"  2 

"  "  S 

CO     g 

P.S   cr 

3  S 
cr  a.'C  o> 

^'S  5  S 

.sl2^ 
^c^s 

3C 

-*1 

^I'l 

|fe|| 

_^  £^  ^^> 

^2  2  bC'-^J: 

2-S^ 

C   rtVC 
cd    C    n 

J3  o  «- 

IH  £  «  o 

ar  i  be 

Pin 
Elec 
Grai 
Mis 
Sho 


tSfSfeSs   ^> 


v4-«'rj 

°-s 

<L»    C 
3    rt 

."s* 

til 

8f  9 

a 

bco  ^ 

II  * 

•  T+        & 

M-I  x3   Q< 

°2£ 

CJ    3    ft 

^  OT  be 

C3  <-M     C 

^s:s 

OS   ^!   rt 

•s^  a 


w  oi  to  TJ-  uo\d  t<od  d\  o  i-! 


8" 


266 


tt          Q    01    01      •lOCOCOHHCOTj-^tr^OJvO 

£3  O  GO  VO         •     Tf   Tf   Tf    CO   I-H     t^VO     HH  VO     t-x 

HT       VON  CO     •  10  CO  C\OO   rf  t>»  O_  01^  T£  ON 

^  j  of  ^F  c" 

.*>    <       HH     h-l     T 

<Ot,  £    O         •< 


i>  r  i 

^  CO  co  > 


01  Tf  O\ 

ri 


.0 


&•  I  ?  « 

U     ^    LO    •  co 

««^   :S 


z 


O         •     M 

^9- 


^£~% 

g»    co        •**• 


be 
c 

1 
I 

13 

S     rn" 


O      OJ      HH      CO    HH 

10  covo"  O>  Q 

tX    HH     XO    01      O 
HHQO  <N 


<N   M 


01  01  ^f 
coO  M 


oi  O 
O  O\ 
Tf 


CO  O\  OI  t^ 

H-I  txvo  C\ 

O  OO  CO  "^f" 

COCO  VO  OI 


0" 


^ 


VO     HH      ^"    HH 

01  10  o\  ^t 

^vo  «    CO 


of  i-T  of 


28  §" 

OA  TtvJ^ 


^ 


^%% 


s 


vooo  •-1 

cooovo 

CO  to  CO 


hHTj-(Mtx 

O   CAOO   t-« 


s  : 


.    .    . 

4  2  ;  ;  ;  ^  ;  ; 

:  :  : 

vo       ON    •             ^^^ 

O"         CO     '      "      '    nC  of 

3T       M     '•     '.     '•  ™& 

01                   ...   t^1^ 

'.      ~, 

fy 

•si 

S§ 


bfi  a 

.59- 

•52 

VH  ^3 


rf 

rt 

s, 

JH  bfi 
-*->  ^ 
u  15 
21  bb* 


o  be 

S 


0)    03 


bfl  Ji  J3     ^*a3 


^l^ll^'S'^l^  -  a 

cS^S-^^coo^.^^S 


en    "5 
flj 

2<  J2 
So 

o  o 

3  -1-1 

Ui 

>, 

««.  s 

S   c« 

al-s 

=  ei 

u  cx  o 

C/3     O     O 


o\  o  HH  oi  co  txco  a  o  HH  o 


s  • «  a 

S    .  ex  a 

^^     4—t   "~!   """ 


c  c 

e  a 

a  a 
3*3 


4)  Ju      13  J-.  d 


^C? 

-S& 


__ 
tn  ~ 


bc^o    ^     -~  ^2  v 

**•**      Q.  ^       ^ 


'?  > 


vo      K.c« 


267 


z 
< 
> 

\i 
i% 

is 

TJ 
O 


15       £J 

VO    10 

...I-H^-CO            ....CO            

C   ^0 

>4£ 

vrf 

J^ 

.       .      .    ^             .                     ....                     

^     ^ 

co^g 

W--&9- 

|H 

I 

f^         04 

S 

0  - 

M    *    I    *^§V2    •  £         .-••Vo^-    

10 

£i?r 

vrT 

O\  0; 

1—  ( 

M'-'H-^Tj-.V)                ••••IX                

'     '     '  co  r^f    '               ....               

od"     ' 

io  w  2  w- 

C^ 

c^      , 

"'ptS 

•W-  "r 

5^ 

< 

> 

ctf 

K 

I; 


SUMMARY  SHEET. 
Name  of  Ra 


a 
u 

c 

Q 

O     ; 
g«" 


$4,504 
Charles 


VO 


alue. 

545 


BRANCH 

MA 
1. 

e  Ne 

$i,5 


$23,595 
nded  for  a 


$29,964 
Amount  recom 


-0 


Si 


! 


-. 

1&& 


gible  property, 


SlEfSS 


SiSi 

•s'-g 

§§ 
•3* 

>   <p 

%-s 

r.i 

.'d 

>^ 
I-H  y 

c  S 

li 

:>^ 
3$ 

•§& 

1/3  bfl 

MH    C 

°1 

3     Cv 

5s 


£ 


a 

& 


O\  O   1-1   C^   fO  •^j-  trj^O         t^.00   O  O   1-1  0^   co  "^t  "^v 

MMMH-(HHI-II-H  HHMl-lCqC^CMOirNOl 


<s 


;68 


•  io  oiop  tx 

•  Ol  Tf  ON  vo  . 

•  00  Tf  vo  tx 


tx  ON  Tf  00  VO  O  O  >O 
,  _.VO  tx  co  vo  vo  1OOO  tx 

rf  vo^  tx  CO  co  O^MD  OO^OO^OO^ 
OO  of  Tf  io  CONO'VO"  tx  O\  Ol  o" 

COHHOOVO^HHHHCOtX  JO 


01  HH         •     HH 


CO 

!otf 

co  tx 


10  covO  ON  10  vo  O  tN, 
O  OO  I-H  ON  O  M  M  \O 


cotx    .QHnrxQtxOOliOCOONHH 
NO  vO     .  NO   Tf  ON  ONOO  «O  01   ON  HI  vO   O 
HHlOlOO  0101          10  HH          01 


;§ 


0\    HH^    Tf    M^ 

HH~  CO  O"  IO 


IO   HH 

IO  HH" 


Tf  co  O   Q 

00  vo  10  O 

vq^  ON  "^oo^ 

IO  Q"  VO  IO 


vo  Ol   Q 
Ol    Tf  Q 

co  co  O 
vo  tx  co 


ON 
O 


00 
ON 


fl 


(0 


n 
DC 

H- 

o 

h-  v 
LU  E 
LU  re 

z  -z. 

CO 


LU  3 
Q.   O 


Q 

8  I 


co  •  vn  tx  ON  O 
HH  •  io  O  00  00; 
0(  i  HH"  O"  vo  HH" 


co  •  vo   01  tx  ON 

ON  •  co  HH  Tf  10 

HH^  •     HH_   1000^    ON 

10  :     * 


.  vo  Tf  00 
vo  Ol  00 
;  txoo"  of 


O  01 

•—  '  ON 
O  "t 

10  o" 


NO  -co  Tf  OO  ON  co 

sop"  ;  ix  of  oo"  co  co 

O  co  -f  txvO  ON 

M  '•  O  Q 


IO  *  O\  ^O^O    I"N,  Q)  ^-O  \r~) 

O  •  COO?  T? 00^  tx  01  oo 

<   Tj-coop"  • 

^    ro^O   O  .  u  i  ^\ 

•p    t-T       I-H  •  i-T  LO 


or  :  ~ 


00     '  *o 

o    •  ^T 


CO 


•  Tf  t^.  co  10  O  Q  00 

•  tx  CO  ONOO    ONO    Tf 

•  Tf    HH     Tf    HH     IO    HH     CO 

'  v£f  co  O  io  10  HH   r*\ 
'    01    04    co  co  co  Tf  ON 

ICO        vo    ON  01 


•  VOVO^  VO  O     'o?   Tf  Q 

•  Ol    ON  VOOO    CO  CO  O 
1O  O    1O  VO  IO  tX  CO 

.  vO  co  Q   Ol  iovO  ON 


LU 
(0 

LU 

ite 

•a  LU 
rt  > 

2  ^ 

'S 

QC 


v  en"    ' 

C   <u     '. 


cu  c$    t 


£   O 


25  »5 
n  o 


' 


4J  Q  «»  S    ^^r^^C 

' 


II  Illl  I  III  lii-lj  *| 


HH      01     CO    Tf  IOVO    txCd     ^    C>     HH     01     CO    Tf  IOVO 


.5         «» 


M  o  co  T-  lo 


lov    txOO 


269 


l 


CO 


* 


til    o 


O         > 
UJ 


DC  - 


Pn 


O   04  rf 

Tl-vO  co 

HH  O 

£?  ^ 

^9- 


^  W    i     CO 

S  »gl  ^ 

§H  S 

IL 
O 


&>• 


—  i_r 

<  o 

tt  Q 

-I  ^ 

a  H 

»-  ^( 

5  I 

o  L 


5  ^ 

Ft^S 

S     04 

I* 


^  Q  CO  tx 
~  \O  O  M 
"a  00  rf  t-n 


I   I 


•O 

i  g 


M     O     t-^00     tO   tO 

Tf  O  vo  OO   GNVO   coco  co 


c; 


coo"  o\  covo  in  Q  HH 
cO   O\vO 


HH     IT}    Tf   HH   OO     IO    HH 

txoo  r^  o  co  o\vo 


co  ON  10  04  O\00  VO 
04  ON  tx  HH  o\  CO  tn 
HH  04  CO  tx  04NO 


•  \OOO 


'VOOOVO  ^t- 

:vg  S  oTo 
:^#^M" 

ON 


CO  iO  ON 
•-    Oi 


M-vrf 

CO  10 


OiVO  co  04 
ON  HH  04^00  O^  K  CO 
T?  covcfoo"  •*?  Q  ^t" 
OO  •<*•  O  OO  ON  O  ^T 
VO  CO  co  Tf  Tf  HH  M 
of  H-T  Os  CO 


t^  10  co  co  04   04 

"^1*00  *O  ^-^  t"*  ^i~ 
C060VO    04\O   04 


\O  vp  01  to 

00   04   co  to 

ON  to  04  vO 

Tp  04* 


^  oo"    '    ' 

Tf  co  :  ; 


111 


I— I         *     LO 


M  Q  OOQ  v>  M 

04lOiOiOi-i04 

I-H   M  vO   co  Oi^O 


co  0400   t-H  VOOO   O 
HH  \o   co  04   M  tv  t^ 

^  HH  04  oq^  o^  tx  co 

t^  covO'oO'  ^f  O"  ^ 

HH     Tt"   O  00     O\    O     'T 

04   CO  co  •*  T}-  HH   HH 


10  to  co  co  04   04 

IOOO  \O     HH      hH      ^ 

coOO  VO  04  MD  04^ 
t-xVQ~  04^  lOVQ^  Q^ 
O\  04  co  to  ON  O 
04  to  04  vq  Oj  04 
rf  of  co 


1! 


structu 
ery,  too 


,     0     r- 

^     - 


O'JG  <y 


s  :.| 

S  c  E 
•&P  « 
cr  ft*o 

:|g 

>J3dS 


a;  g.^2  o 


.^  o 


o\  o  HH  oi  co  Tt  1/5  vd       K.OO  o\ 


^•8 

<u  c 

3  rt 

rt^ 


3^y 


OC 
$ 


.t: 


2  MH^5 


§§§ 

•"^    co    §. 


ec 


03   3   rt 

"o'rt  S 


04'  co  -4-  iovo'      txod 


o\  o 

04  co 


270 


•D       04       in      u->  04 

§    8 

9 

K!  4  ^"      of          vo" 

•    •    *        '  oo    '.        '    '    '    '            

.>  < 

M 

5lH    5 

^^ 

^^. 

UJ 

'£  o 

«H 

DC 
UJ 

-3 
^ 

1 
£ 
.        10       o      vO  *-" 

?      .      01             10          VO     M 

04'.-Tf.\O-           .     ...  co  to     

VQ     .     .     .  to    •  rf    •          •     ...  ON  co    

04 

> 

hjr     t-J      /.yj                    ^V                                    -s 
*^+     <      T**~                 ^                                 Q^ 

•    •    •        -of   

10 

zu 

^1 

£ 

SH 

. 

u. 
0 

0 

> 

«-       *>    cq      

O      •   Q      

04 

<j> 

1 

g 

0  ^"     

-    •  5    

4- 

**"" 

is 

^^      :  ! 

:  :  :  :  :      :<*>  :      ::::::::::  : 

tf 

<U 

_l  «- 

-        g             ..... 

+J 

•r        *> 

co 

DC 
UJ 

(0 

£ 

T3 

n$ 

<  t 
DC 

J   \ 

>     2! 

DH 
5                 ^ 

J:<§  

01 
CO 

III 

£ 

m 

<.   C 
DC  <- 
H  5 

^  ^       •  :  :  :  : 

:Tw|         

:  :  :  :  :      :  §  :      ::::::::::: 

of 

^9- 

z 

DC 

s- 
0 

s 

^x 

~  [M 

^       S     S         §)     •   S)  C? 

.^-    loco    

<^- 

—  •    UJ 

^Q    -7?         °-     '          ^t 

•     ^ 

1^.  ^^        C^     *       ^-O 

cK 

1C 

Z 

- 

£9- 

—  \  *" 

5 

^!         : 



3> 

^ 

*• 

y 

I  ? 
;  ^ 

UJ    ^ 

? 

H             ^       O\              U^        •   VO     1-H 

.vo     ••••Oico    

s* 

»_ 
< 

<    .«£  ^"        of     '         O\ 

•      •      •      -co           

IO 

of 

_j  3 

2 

I*1*            : 

<CO 

X 

•      '      •      '                  

Z 
0 

1 

^ 

a 

> 

:::::::::  %  :  :  :  :  :  «  :  :  :  :  : 

K"s 

" 

z 
o 

< 
Z 
UJ 

•crt      (j      C      

•So  ™   c    

•S'l 

Si; 

'rttt 

; 

0 
DC 

D 
DQ 

*  iJ  ;  ;  !  .'  i  o.  .  :  : 

!  oj    .        !  2  O       «                                              ti  ti 

-  b. 

til 

i    § 

_J 

^t_,  b 

*^     C/5 

-t—  »                               Q                       C     QJ                                               ,.  .                               ^     tL) 

^-     c 

< 

•    •  C  o 

fc  i             •      •     •   C8    fl 

S,  '•  :  :*5  ^    -3  :  :  :  :    c    -g  •  s  a 

•_"j.*^          <yo3*                  't/Trt          flj^^CX 

o-    .£ 

x  -^ 

j         03 

Name  of  Railroad  — 

DESCRIPTIO 

Land,  
Clearing  and  grubbing, 
Graduation,  
Tunnels,  
Bridges,  retaining  walls 
Track  and  its  appurtena 

5            o3  'bi.  —  i       C^^+H  c/f       fT       u  o       3  C 
ri              t3'5»?         <L>   en   <u   uT-y         3  *-•         O1  a^   W 

fa/1                       Kn    ^      G            *  —  '      <—(r-<4-jG               iL                         <UrtCn 

-    -^4^  ™  oT-2i  3  S  »  «3    ^-^>;         3,O'C 
^  So'C  c  oj  -*^  c  -^  3  2  ^'^  ^Crt-^oJiic0 

l.s  'S1^  ^  I  S3"^  °£  a  |  «£^  9 
§  S-i5-=  S  S!  a|  ffg  ^  2  £.S  S  oi  S^S'S 

coo-2^.^'/)Oo'^^:-rti::;^rt-^'^(^ 

Total  value  of  tangible 
Value  of  sub-division  IV 

maininp-  nrnnprtv  inrln 

C 

<u 

"*              , 

•a 

o 

14               <U 

o     .3 

03 

3 

0 

I-H  IN  co 


c       I-H  oi  co 


ixod  c\ 

0101  04 


271 


p 
UJ 

<0      id 

K 

UJ       £ 

£     I: 

LJ  ,-•„! 
Z  ^^ 


191 
— 


ste 
IL 


|i.» 

DC  x^*^  $e- 

-J  <     ? 


'   G\ 

i  00 

"£ 


I 


SUMMARY  SHEET. 
Name  of  Ra 


:  :  ft  :  : 


od1 


.5  ? 
z  <  .s 
o  s-t 

p  I  i 

Z        ;\ 

§  I 

X 

UJ 
UJ 

K 

UJ 

K 

O 

fe 

o 

i 

u 


8  mi* 


& 


:  2 


£    ; 

03 

-   3 

.  cx 

o 

C/3 

C«      Q 

ffi  •% 

.    C3 

]       * 

rr-l     wT 

flj 

O  "^ 

SH  ^ 

. 

b2 

c 

'•§ 

walls  anc 
urtenance 

c/T 
*O 
u 
S 

3 

r^ 

•^3  <u 

43  .S 
«"5o 

'•^3 

<u  rt 
|I 

1 

-a" 

..•H 

^  C 
uT  ^ 

<L) 

i-a 

15  8 

^uipment, 
pment,  .  . 

pmen 
pmen 


=  •81 

•  £  c 
:^2 
-2"- 

^ll 

^SS) 

2s  .5 


a  a      a.  • 
^ '3      <u> 


equ 
equ 


MO, 


ant 
an 


t 

eq 
i 


l 
, 
s 
y 


I'S  a 

ft4->     O 


n 
qu 


s 
, 


h 
at 
ou 
i 


v 
er  ra 
train 
neous 
o 


.X) 

^!^-§ 

^2^5=1 

'bbo'l 

C'S  ^> 
fS'Ctl 

i^    4> 

^-7^ 
«-§& 

3  M  bo 


S*  S3  >  a; 

w**1  ^Grt-r;<u-MC  ra        "• 

'j3  o!3^  g  o  bfl^^  bf  >*c.S 

n 'r1       ^^         C  C_CT^.5  ..   C 


s£c  « 

i  j_>  T)  •!-<    CJ 

i  c   %>   rt.w 

SwoS 


M  N'  co  rt- 


Shop 
Locom 
Passen 
Freigh 
Miscel 
Floati 


O\  O  M  OJ  co  ^f  lovo* 


^  <u.5 
oJ  p  rt 
^_>  ^— .  r- 
O  rt  C 

H> 


bo 


rt 

M-l 

O 

<u 
^ 
*c3 

I 

g 


272 


•8 


N 

' 

c2 

tn 

<L>    w~ 

1   rt 

n 

^_( 

0~ 

C   CL> 

, 

•v          * 

J 

0 

*J3   o 

t 

I 

1 

a 

S.s 

to  bp 

*•£  5 

,Q 
aj   rt 

1  ^ 

; 

u,    en 

1? 

.2*  ^ 

= 

tt 

G 
hr 

r 

bf-0 
„  c;   G 

fi"^    c/ 

JJ    tn    <L 

-y 

t/T 

o  o 

'3    G 

a1  a 
a)  •*i 

'i  s.f2  §|1 

%    ^-ga-a-g^S-i 

;— '    u-  G    G    G    CU  ^      „  v 
rt    CJC  o    rt  ^         ""    ^    M    'f' 

=  ,.S     °     >-2^     r.^     rt     g 

yS|||ia||4i" 

g^-u-o'^l'S  i  a|  ^G*§^ 

G.iirtGOo^^t/50X'^^rt^ 
G    VH    t_    eu    IH  ^  ^  S    rt  ^    O  ^cu  J3        .53 


n 
i 


M 
P 
S 


t>.od  ds  d  >-*  04  co  H-  <-n\o 


C    G 
CL>    <u 

41 

&1  & 

<U    CL) 
^T3    <U 

G   rt   G 

3,  o*r 

G  S^^  rt 

«T  S  fl  £  £ 
lu'SSo 

J^-S  i  g?  S,^  i  fc* 
*c  c^  s  g-a^-S 

*J.S  CJ  &  O  e7).?«  0  "S 
jrrCenoocn^enQ 
M  M  S  J3  O  "3  IH  u  >-H 

WOSa3i-jf^feSfe 


11 


IH^) 

C  '•      G 


i '  G   D 


5         O   «   G 


tx  O'  Tf    •  O  >-<  *-••  01  co  £L  n-qo  o  to    •        I-H 
•<£  ^t-  01  vq.  ONOO  ^vo  i>  to    •      oo_ 


^"(Dj-if-'co     oo        rj-  ON 
HI       z  ,2   i-T       oiv    •  co  co 


18  K  S 


fxOO    ON  6    M   Ol   CO  TJ-  tovd 
H-(t-i1-H<M010404040104 


274 


£      -33- 

J  -H      O      <N 

•<        i         (~K     _L,    <— H 


^C? 

ON 


u 


U-       £ 


o:    I 


I  8; 


< 

CO  DC 


.  o   <  O 

I  =:  P  i-! 


z      oc 

g  - 


EJ^ 
m  o 


s  &• 


:t 


•9> 


$  • 


<  |5 

Q    -O    OC 


UJ 


O  *- 


•    '     '     -    '    '  b/3    ' 

-     OJ 

'    03 
O 
'     t/5 

<u     ' 

u     '     •     • 

rt 

£ 

•    •    •  t«     •    •  .-.     • 

.       .       .1)       .      .  T3)       • 

.    .    •  >    .    .  c    • 

.     .     .  o             •/,     . 

::: 

louses,  . 

i-S 

•    c3 

tfl 
^    eo" 

<u 

|; 

T3 

c 
rt 

CTJ 

"o 

0 

fch 
u 
U 

.H   tr 

^r  train  equipment,  
train  equipment,  

icous  road  equipment,  
or  marine  equipment,  

and  grubbing,  .  .  . 
on,  

retaining  walls  and 
id  its  appurtenances 

cS 

c£  : 
•f.   '. 

b£    • 

£.5 

;  ;  o 

'.  '  a 
'.  w  ~£ 

:|l 

''W*" 

bZgl 

<u 

'I 
<D 

*d 

il 

a;  rt    '     | 

^>^   c/f     ^ 

v     C/3     <1J     C/5 

"5J  g  §1 

•aiJy-S, 

!<   2       *   V 

^J-o  | 

!/" 

^rt 

'H- 
^c 

evators,  
neous  structures,  .  . 

-i'C.3  ^  bfi^-S'^^-rT?  S 

§JS 


l^-e-i-|sIa|?i-§SS.SSc 

C.^roCOn^Wc/3O^'±:!-'rt^;iirt^O 
5C^<u^--=J"S'k.5rt^O<U^i       .^^S-H'^^ 


go   60^,^3   g 


i-i  ^i  CO  Tf  tO'O  txOO  ON  O  t-<  CM  co  ^t  lOMD    txGO  ON  O  ^  CM  co 


^.5« 

11^ 


M-.'-S     ft 

o  V  o 
^  »-i 


^S:§ 
1^1 


*o  rt  2 

a  S   C 


O    I-H   CM   CO  Th  1OVO          txOD 
CMC^CMCMCMCMCM          CMCM 


275 


w       oj 
P       3" 

:8  :  :$  : 

^  :::::::    ^>  :::  c?  :::::: 

<  •  5 
><  w- 

to    '     '.  10 

:::::::     ^  :  :  :      :::::: 

<0f-.  5 

Z  0 

wH 

i 
iC 

&    3. 

fi:  :  •  2 

i*l 

10    '     'oO 

:      :::::::     J  :  :  :      :::::: 

»«!««- 

SH 

1 1^1 111  fell? 

•  JS  &S  rt'  ^15^^  o'vj  I**  «-*"  S  - 

K--H    G         ,n  j-i  -*T*  ^_j  rTj  *  r"|       »«-^ 


bc^^  gi 

S-a'SfrgSSS'-s 

rtrjOjrt£OOc«    S.H2    C 

•^*     ' 1         1-"    **^     -.C)        O       TO       t*     L—    »— < 

-^PHfe^to 


•SYS 


S^oSoii 


o\  d  ^  oi  ro  ^f  iovo 


276 


fi 

VOCOiO-VOONMO        CO         Olio-              ^5 

•     OJ     M        

3    8 

8 

2j 

o       of'^ooo       M                10  co   "          vo 

!      *.  ci      :  :  :  :  : 

00         •- 

C? 

>  « 

.>  < 

&    *  :  M  ^                        : 

t^ 

tN 

LU 

t_  O 

&)- 

09 

•M^H 

DC 
UJ 

-i 

8 

• 

0H 
£ 

O  ^  tx    •  IOCO  t^»  O\       01  O  CO  ^    •             O 

•      •      •  OO   u-j     

t^ 

£ 

2" 

OCOlO-lO'^'^-iTf'          hHHHLOO       •                   >O 

•    •    •  q\  HH    
;    ;    ;  of       ;    ;    ;    ;    ; 

a 

of 

01 

•< 

W: 

^ 

IL 
0 

l§  ( 

> 

«j 
• 

(N     •  tx    •  10  10    O  *o    •     •        10 

Tf.r-O-MlO      O\CO--           00 

•       •       -10      

rf 

o> 

so,; 

o>   DC    / 

O 

Oj',-1           i_  i  vO      '      *             "'XOCO                     \O 
<«-     '             .                    '      '      .      '                          .      . 

•        •        •     Tf       

00" 
N 

*J   —  1    •" 

— 

09- 

r        ^ 

UJ 
CO 
DC 
UJ 

CO   <   ~ 
TJ           - 

£» 

£ 

2-J   IX 

^ 

l>x        ^O    iO     "      •             •         OO    ^T                      O 

j"i 

-5 

^    <    > 

P 

.    QQ             

<£ 

> 

—   DC   '- 

•^ 

of;i-H.cioo"''.;.^Lo..     oo 

•   •   •  ,_r  

t^ 

> 

re  h  T 

CO  *-> 

*? 

111 

K  2  M 

Z 
7  L-I 

«*-   LU 
o  o    l 

£\ 

og 

£• 

10  i—  i  ON    •  ro  t~x  Oj  10    •  «o  >o    • 

•     •     •  o  io    

•          •          •     t-X    HH          

a? 

00 

<  * 

re 

Z 

£ 

exit: 

oo"       "-1     .  -"f  oi        I-H     . 

IO          -st      .    H-i    CO                     .                      .... 

o 

vo 

CANAL  REVALU 
SUMMARY  J 

IV.-LLS  XIVI'V 

AVMV>lOOi 

§ 
4 

j 

"^    -o 

oo^tQ-ONCot^ON-oiO-          •• 
iO|-|ON-«-ioO\ooQ      -O*-1 
rocO"^'CN~f'-'''T'>-'1-1 

10      Tj-    !  ol  -t 
y*                                          

•     •      •   ON  »o          •     • 
.     -     •  <*  10 

•    •    •  q  « 

09- 

vC 

i 
g 

W- 

C/2                 *                 ' 

'   <u5 

Q 

•  <y     ' 

"  >--  c- 

Q 

'      -    '.     "                             '    o3 

.     .     .     .  u     . 

z 

•••/:••••           •  o    ; 

:  c 

•  ^.J- 

^ 

Z 

C                                                             •     <S! 

I    !     !        rt 

O-f 

< 

:  :  :  :  w-  :  :.g  :::::.: 

.   .   .   :  c   .   .   .   .   : 

.   w  ^ 

Q 

DC 

:  :  :  :fe  :  :,  :  :  :  :  -f  :  :g  : 

•  u.     

•   3  c: 
•  *~2   >- 

5  **" 

J 

O 

> 

i  !  :  '  o.  :  :  :  '  ' 

tj   ^-^ 

^ 
O 

DC 

:          •  &  :   :   :  ±i  -^ 

v***  ^ 

X5 

DC 

Name  of  Railroad  — 
DC 

DESCRIPTION. 

!!!!-      oJiii-.c;       ^c^i 

[    ^_>  .-<              O     rt        1 
V)     TO              M       .                       t«     Ofi            C    -4-1 

I     11  f     ^-|S  |6  ; 

^Q          >  b      §    ;      g.of-o      §"•£  ^ 
'S            br&       i2C'        bJO^S      Vjc^ 
b£          •§  ^     £  M     ^^^fe^SC 
•*O             5  .ti         ^'~fc£':irt'::'C1'rt     "J^ 
•  rt  O        *-  *^        c/T  §)•  S  ^  *i  —  ^  ^  -^   rt 

cSc35-'^rt!:=po-^.^tA'2o'"'''c3 

Pintsch  gas  plants  
Electric  light  plants,  
Grain  elevators,  
Miscellaneous  structures,  .  . 
Shop  machinery,  tools  and 
Locomotives,  
Passenger  train  equipment, 
Freight  train  equipment,  .  .  . 
Miscellaneous  road  equipmer 
Floating  or  marine  equipmen 

o4^    c 
1-1     '•€ 
a;  ^  ^ 

T-J     I"  H         ?- 

'Sbo'" 

ail 

«lf 

^  '-^  b 

!1:l 

o3    2   n 

•*"*  ^^  r 

c      tf 

»        ^  , 
"rt 

O 

L,            0> 

o     ,5 

r3 

"rt 

0 

r-< 

M  M'  co  TJ-  lo^c  K-cd  o\  d  >-<  oi  co  -f  lovd 

txOO   ON  O   >-!  O)  co  ^  lO'O 

oT^i 

O 

ot 

277 


W              1-H 

3    8 

t>  ^    « 

VO        OOco                 <••            

co       0*^        :::::::      :  :  :  :  

§  § 

EW  JERSEY 

.•^  •<  <^- 

"gs 

I 

P^ 

1|| 

J 

T— 

T- 

0) 

1 

i 

u. 
O 

Q 

< 

0  . 

°^* 

< 
> 

f      J    ft 

i     N°^ 

.  .  .  .„  

J 

\l  JERSEY, 

<u 
« 
CO 
73 
§ 

DC   I 
_J   - 

DC    ] 

-I    ~, 
<    C 
nr  c 

?*« 

;      ^ 

;  1 

.  o 

5      s>    10 

:,  1* 

:-:':£  

V 

> 

UJ 

Z 

z 

0 

LU 
UJ 

05 

CC 

n- 
0 

II 

ns 

CENT! 

?;rfsi 

I  2 

r    ^  LO 
.-  oo 
«  « 

.\X      ooo             

a 

REVALUAl 

I 
<f> 

> 
CC. 

< 

^ 

^ 

*i 

„ 
:" 

a 
^ 
Z  < 

,*! 
\l 

3  i  § 

« 

tx 

AND  CANAL 

D 
(f) 

H  EXTENSIO 

\t 

H^^     W 

«2  *  .      •  N  x  
:•:  :  irJili:  ir:  :i  i  :.    :    1     :        • 

c^ 
ifi- 

$ 

o2 

RAILROAD 

Name  of  Railroad  — 

ELIZABET 

'pUB'- 
•NOIXJIHDS&Q 

•    •    •  «T   •    •.Si    c    

::  :^  .  :|  .:::-:  :2  ::::  :g  ::::: 

•               u'cn                 i^O^^                           I  8*      •    I     I  ^"^ 

GO         Sj                •'-^•^'-•3                            '  *H        "J^'ES 
\   i^  •  ^H          q^   o3                           cn~  oj          53      -v  ^  C^ 

«  o    '  ^  ^      M-  §,.5  §  «!  2  ^  ^  J  rt  SS  ?§"S>r'S|o 

»'•§    w    «T  S    bj  S)'i^    03    g,'3    rt  *CU?  S          y-|  J   "''•^  ^  ^   |  M 

'^/''"Stl-irntL-ii'T.rirn    C1^,^.,  ,,/->,.-,»•,         X"1  rvr  <  h  ^  rr      »  «    <5~1  ^  y""1 

otal  value  of  tangible  property, 
Baltic  of  sub-division  IV.  "The  value 
maining  property,  including  the  fran< 

HH*   M'  co  TJ-  ino  t<00'   ON  O   M   <^   co  rf  vrjvd         txOO   O\  O   M 


278 


H-.CCOO  Q 
>—<  ON  ON  ON 

\O    1T)  XT) 

rO  *-O 


vq  oq 
cT  in 
m  04 


* 


i  O   <*3  "~<      '      '  .      .      .      . 

mvo  M    •    •         .... 

,    UO     I-       P-H  •  •  .... 


5  iii'J 


—  cc. 

2  h 

oc  z 

^  in 

o 


i: 


|3 

O 

Q 

Z 

Q 

O 

DC 

J 


W 


:  .^  Tf     o* 

!T-,'     -n          »0 


c«      • 

-^1 


&  5 

IS 


€8 


i  ill 


a  C  cr  cr 
'II-S  « 

<u  "1^   rt  C 


-§ ;  |.^  s^^jil^^^-iJIi^-il^ 

rt^5  .T3  -    ~     '-Oi_^'^'^-:^^-r:-..-.'^*Oo>i_;^|l'C 

to   bc"2   C    5  *•"    ^' —  ~    ul    ti—    CJ   ^    rt"~   o-*-    — 

=1-3  8  "^.^Is  CS^-g.ii^^Elg-^g 

'if  illl  1111  IlllPIHIlS  lill 

UC^WH^6«»5SP^c»O5^i5     SSoSco3^toSS 


I 


21 


vahic  of  tanp 
of  sub-clivisio 
inpr  property, 


To 


•  t-?-'  <u 

;Za 


O     W3  -J 
>     <L>  PS- 


ess 


•s 


o   M   04   re  "41  ir\o         K.OG   O  O    >—   oi  fO  Tf-  invcJ         ixOC 
HH    i_i    i-<    M    1-1    HX    I-H          —    ^i-iOl'Nol010lO<04          0*04 


279 


t> 

3 

•^"•04-ONOI         9)    •••?*•••         Tf---OOi-<      
04-01-04CO        tO---VO-''          rj--..tOi-      

^    8 

IN. 

^^ 

v"        .^  < 

30*'ro'i-|VO*'                 '.''*-*'''.**            '                              '      ' 

^      M 

to 

>•     <Ofrn  H 

•£/9~ 

y/v 

UJ        S  o 

Vrf 

Jr       SH 

S   1 

uj     £ 

—3 

^ 

S1 

iJi 

&  ;a  :53  K  I  j-'jalrl  s  ;  :  ;°°M  ;  :  :  ;  ; 

R 

of 

z   s£ 
&  * 
-    i  <  r  i 

-        £  0  J,    £ 

H 

0)    DC   </5^fr.** 

>     «  -«  <    s 

s  *s*3 

S     "°     Q 

M 

-    °<g  e 

^      =  a  H  -^ 

1  i£  i^l  :  !  i  i  ;-.  ;  i  i    |  j  i  j^  i  j.  !•:'":  I 

5 

^         re  u.  Woo  *> 

g    «  z  «?  1 
z    «.  ui    £ 

o  Q    (- 
9*  !•    •)            /-      «J 

:  •  •  •  :..:.. 

i 

ou  s    r  -i 

-    UJ     (8 

oq 

$£z     l-i 

3>       I  \ 

<tc.           55   a- 

"I            g     S 
ic  S            <?    >^ 

ON 

S            2-52: 
J  D              f^§ 

<co                    •*• 

h*.  I  cf   t  **>  rfk   !                                          t-T..                 .1! 

•^    .  Cl     .  M  <*3                ...                 •                 .. 

^ 

w                     ^ 

<       JIB 

Q                 2 

:::::::::;::::::  3  ..::::'«"  

;  djx 

Z             < 

I.iriCIIJS"    <->'!!*       fi    I    '    *    "    " 

<             i 

i  ;|H     :  |!        il 

:  o-f 

•  S^  c 

Q                DC 
<U1 

.:::  r  ,::  *°  ::::»::  -g  ::  ;:::  -g  :::::  j 

•  3  a 
"3> 

I 

O               CD 

>r  >  c 

4        <u 

CC                = 

•  :  S  *     to  :  :  ;  «fo     «      ::::•:  S  ::  --a*^ 

-^•f 

i  i 

_1                -1- 

"flj          *  c  jj     "  «r                               cc 

RAI 
Name  of  Railroad  — 

DESCRIPTION. 

•O  S  '     **                .°              G<ul          '          *  T-I          ^IaJ<u 

s  S    a        •§  g    -s  •     :      ^    ^  •  s  e 

rtC           •                •  S.S         <u  "J     "           '         c^rt         qj-^CX 
^2        M"              '  w   bfi       c  ^     '.          '        *>    „        S  IS'3'3 

.1       =51    1       .3-25    J;;  '      •.     =1    .11  II 

'»Q               ^   b         2               ctf    bJO-7-)         OUMH    wT^cn         oO         2.  »»!-<*. 

*S                          S           "                   C""1^           ^crtaj    W*1            3   •*"*           CT1  On^3    <U 
p                bfl  ft         tJO               gj)  £    C      ^^    c    g-H    C          d                <U'~    aJ^C 

-o        -|j2     S^  h~s'§l'§,l*l^'a<^2  S  g  J«'S  c  3  § 

Se   |'^    -Sffszig-o^tfl-aSpg^Sfggs 

hr.2    ^g   .S5P3  c  fc-3  S^3  2  bo-^  c  rt-S  «-  c  ° 

^^c«c/fcSbfl2J'c/)^rtbJQ^rt^rt-M_!_,o<L>c3potJQ,Ma3&] 

,-g  3^  s^.s-i^i^  g"~2  fc-'S'glhs  «^  Ia  s^-2 

^3  c3*T3  a  «o  W  U  «o  TJ  j*  O  en   »'f5.   5>  g   C  j-i  o  •—  o  O«  O  wj.Sr^rt 
G    qj   c3    •••  «S    ^COo-Sj^^          o          lz!    ^5   C    5    ^.52    O    O   <w    <U  .22   O 

.  Total  value  of  tangible  prop 
.  Value  of  sub-division  IV.  "1 

i    s 

i  1 

H                  *° 

!•          <U 

5       "a 

2         > 

j        | 

280 


H  $;$ 


UJ 
CO 

DC 
UJ 

-j 

S 

UJ 

II 

i: 

<   DC 
>   < 

UJ 

QC 


Name  of  Railroad  System— 
CENTRAL  RAILROAD  OF  NE 


5^t 


:  :  :  :S 


•   O^  — 


S 


RAILROAD  AND  CANAL 
UMM 


2   •<   Oi 

^$3- 


„ 


to    "3 


C    r-j 
O 


/     bJO 

S 


0? 


1s 


uH  be 

*        c 


£ 

rt 

3    S 


o^-3  g 

rs       a  c 

U3  c   G  oj 

"Soo":  .t: 


._S  <u 

^-7^ 

^-2^ 


'rtMH  ^ 

>*S'g 

o3   3   rt 


O\  O    ^-^    C^    CO  ^t"  LO^O          txOC    ON  O    *"*    Ol   CO  "^1"  ^C 

^MMWhHl-H^I-H  ^MM^CqCNOlOJ^ 


^^ 


281 


S       > 


M     d 


Name  of  Railroad  System  — 
CENTRAL  RAILROAD 


10 

1 


8 

a    ON 


ad  — 
MANUFACTURERS'  EXTENSION 


.j   .<;   co 

*"££ 

! 


of      M~ 


0000 
i-T  co 


S 


(M 


282 


, 

t>            Tf           CO 

^t-  o\ 

1^.    '     . 

10          0 

HI      oo       co 

CO  co 

Q      o 

>  , 

>4             ^ 

3fH    H 

HH 

^ 

LU 

II 

DC 
LU 

•^ 

W 
£ 

£         ^-        & 

CO  ^8 

v^"     .                   . 

^ 

£  j  eg.      °9 

"*  °9 

o 

UJ  u 

•?  w  £ 

co 

z  u 

°P£ 

(/}• 

2 

LL 
O 

Q 

> 

1 

,. 

s 

o 

' 

<, 

•5    I   !  ; 

CO 

c 

0  a 

,  £   :  :  : 

^ 

^ 

fc 

^ 

DC  ci 

2"*s    .   .  :  . 

'•69- 

^e- 

> 

•a 

_l  < 

Y          ^ 

LU 
CO 

DC 
LU 

c? 

T3 
« 

<C 
DC 

-"  P 

Jl 

*      5     •     -     • 

01 

•> 

i_ 

^? 

;    ^    •    •    •    • 

•    0\ 

S 

> 

lit 

re 

"s 

}«*    :  :  : 

.&*- 

69- 

Z 

DC 

M- 

o 

i 

;  i  :  :  :  • 

IN 

Tj"^O 

^J-             ..."              '     .     . 

S5 

u 

ns 

"a  CO        co 
£\  ***"         CO 

5 

vO 

± 
r/> 

Z 

HWs 

*-* 

Ji  * 

_J 
_l 

< 

> 

DC 

7 
ti 
f- 

c/ 

\l 

N 

<   ^       Q 

LU 

^> 

£2i£ 

« 

*~ 

2     ^  9Q      ^^ 

*~^ 

> 

••    .>i   *&        co 

CO 

CX5 

^ 

5"-<J 

2- 

CO 

• 

| 

Z 
< 

0 

Q 

BROOK 

! 

^'flj 

Z 

< 

LU 
_i 

n 

»T    u    •     '    ' 

G     '                          '     '   tn     ' 

bo  ;  '  • 

rrt 

r, 

|'| 

LI 

< 

o 

Q 
5 

<u     . 

rt-H          "           "           *           *       CO          " 

S  :  :  :  *  2      '  is  :  :  : 

d 

n. 

.|* 

tt 

.J 

. 

o 

^  2      ~ 
eo      :  :  g  o     w  ^  :  :  : 

•£      ;  :*o        s  o5  i  !  : 

0. 
rt 

; 

:|tj 

O.^"1   ^ 

ac 

me  of  Railroad  — 

DESCRIPTION. 

d,  
iring  and  grubbing,  .  .  . 
duation,  

nels 

[ges,  retaining  walls  an 
ck  and  its  appurtenance 

rincr 

$S        13  b/)^-)     a^  wj-  ^^c/r 

O    n3    fafl  Q   rC  -S         rt   c/T*7^    ^  "vT,, 
^CCoj.'^'Td         oj^rt0^ 

5/2  50""  c  S  •"  c     ^^  S  kc'1-^ 
/§^*S'§  1  eJ  S'c'c  «? 

in  elevators,  
cellaneous  structures, 

p  machinery,  tools  anc 

omotives,  

senger  train  equipment 

ight  train  equipment,  . 
cellaneous  road  equipm 
iting  or  marine  equipm 

.3  M  fat 

o3  HH   C 

•^  °;s 

SSoJ§Oi(3pktSSto 


ts.00   ON  O   w   04  co  '-f  IOVO 


^   <N   CO  "^t1  tOVO 
C^   W   01   04  0<   01 


283 


2S, 


*4r 

z  r 


P 


'     *     358, 

i-ir 

&  * 


or 


CD 

T— 

i 

Q 
< 

O 

C/3 

tj 

s     '         . 

•^  :  :  : 

V  JERSEY, 

<u 

! 

73 

re 

0 

b 

LL 

-I 

cc 

_i 
< 

nr 

r 

o 

Q 
55 

0 
O 

2     '    '    ' 
4 

s    : 
^    :      : 

LU 

z 
z 

0 

h- 

LJ 
111 

re 
or 

v+- 
0 

<u 
re 

CENT 

g" 

f 

1    :      : 

2  • 

^    <M  vo  Q 
4:   M  vo  oo 

tt     M    IH    O 
^   W-          M" 

VALUA 

CO 

> 
cc 

< 

i- 

w 

H 

01 

s 

5a 
1 

^ 

.   oq  ^Q  Q 

ill 

cd 

i 

^ 
s 

1 

<   . 

B   HnCScg 

V     M    M    O 

^  -w-      M" 

«j 

ii  i  n  n  i  n  j  1  1  r  ri  i  M  u  i 

CANA 

CO 

LLEY. 

[ 

"3 

^x 

g 


§1 

•g    cu 

rt   ~ 


- 

b/) 


A    ^- 
«   <U 


jo    ;  a 

c    -g 


c  c 

g  S 

c      c  S 
v  +J-.&.S< 

a  S  &  &1 
.g  g  «  a, 


15  ^ 
^  aJ 

c« 

o'l 
*?v£ 


I*H    bJO 

2      C 

^1 


'•rl  ^  Tr .  ?s  o  IS  cu  •M  ~s 


<w/ 

914 

•s'il  §, 

C   cu  ^  Ji  -^ 


**    W     __i     Q^     _1     Cy     w*-    t> 

^sftsfi^J 


. 

S  Q 

S  <u 


G  05-- 


^1  E 

2    JH    C  53 

f.S'J  - 

1-C-&  = 

'.>  £  rt 

<  'O    CH  M-+ 

>    i     O  O 

i  ^  be  ,5 

'**•*  C  rt 

'2 

i^'i  3 

i 


Roo  d\  p  M  oj  co 


>-*  (N  co  ^f  vnvo 
C^    CN   W   M   0^    (N 


284 


S    &  : 

.-I           10      • 

•  *>i£ 

oo     •  ovoo  corxovMcx;o        o    •                          '  Js  2.   ' 
GO      •Tj-H-iovOTtCJ\0<t>»        O     •           •      •      •      -OO^    

c^    •  vq  q  COCXD  -^oq      10      co   t-x  q    

*     8 

ir;         i-T 

CN 

>•  tot-  g  v> 

M    

<«^ 

<D       s 
DC 

Hi      £ 

j>         O 

^J 

>            W  j     IT) 

04       •    ^  5  ^-VO    oJ^          m          M      •              -•••COO       

Jo 

LU      -w^    Jo 

i-o'^fcf      ofof^foo^o                          .l^hH. 

Tf     "    co  G\                                    i-(io                          .                                 . 

vd" 

Z          J^UH  ^" 

>o 
w- 

u.     > 

i  ijiB 

N 

IO 

00" 

0>    DC    LO^J-^,     01 

>         to  -1  <      S  ** 

111       >»  37  H 
to      co  2  °    ^ 

m* 

£         -o         Q          M 

-»     ?  i  §  1  of 

Tf 

«S- 

1 

>       —  a:  o    ^  « 

1                               ^         F™                     ^^     ^       ^JQ. 

"      "                         I      \          H-(          vr>     s                   ...            

8 

**J       QC  z    i     ^ 

.                                            • 

<^ 

Z        fc  M    [    2 

0    Q      l- 

Z  H    <u          r     -j   ON 
0  uj   E             -3  ^ 

-    UJ     (8                   ..=    ^ 

^-    .  ONOO  i^rxONOp    «o    
06    •  o  t^     oo  -<TOO        ....         •    •    •    •  oo  o    

10 

T}- 
OJ 

<  z  Z         1  evi^  ^ 
_J   >-               W      | 

TT    .  ONMD                               

Tt 
I 

o\    •  ^o  10  oi  ^  *"  '  lo  10    .     •     •     •               •     •     •  o  TT    ..... 

rx 

5                  ^    «^    co 

rf 

Jl   D               ^^  S5  c/> 

*     .   £5°Q                                      

CO 

^               1 

i     1     •: 

(/•    o     '     '     '     *     '  ^     

tfr 

<            UJ 

Q               < 

<          z 

P  :::::::  w  ::::;  g  ;:::: 

:        i  j    •§  :         :  S  i  :  «               :  1            :  : 

RAILRO 
Railroad— 

DESCRIPTION. 

jnrl  rri-nKKi'nrr 

'o     '         T.     '.              £  O         »f                               :   rt*                  -£*""£ 
-         <U                      G  J3          ^    c/f 

n—  1     ^             j—  »                                O  ^^              C     n  »                                            "         •                                0^     C^ 

i       1M         1.1    =1             rfl    fill 

c/3  03        ./     ;              r/i   be       c  4J                        ^             S  "J^  '  5 
£            A  n       "C)     •           ^,,G         o                              i^J5         n^ScT1^ 

5           rtg       ~;      ^^V      -^^^      ^     -§  §     -gg®w 

3              bJOO-        tC-         ^Cc^—^^^C         2^        (U'S   rt.C 

o  ^    c 

v-        •*- 

c.   -^ 

«4H'"S     C 

*o  A  P 

HH  oi  co  ^  ioo  tN.od  c\  o  >-<  oi  co  "^  >oxo       txod  c\  O  *-> 


y     2 


e  c        o 


:\o       txX 


tx\Q  00      •   <N   M 
\O   O\  HH      •  \OiO 

t-x  10  in    •  VQ  vc 


V       > 

^"    tO  t-t 

ui 

if 
14 

U.      > 
O 

,    Q     r     < 

|1J 

i  s  n 

,S-<G    ! 


CO   Tt"  M        "    IO 

CQ   CN  HJ      ;  VO  v 


co  CM 

\o*  of 

XO<N 


M 

5 

§£ 

CN 

| 

O\  M" 
co  w 

I-H 

3f 

Tl-00 

Q 

Ch  «o 

00 
ft 

1 

Otfvj 

t"X    N 

N  •  OO  •  ON  10  O\ 
-i  •  oO  •  oo  10  tx. 
•o  -10  •  M  o  **> 


:R^  :  : 


»ovo 

oo  \o 


<      g 

O         (0 

z 

<    i; 

Q     .    CO 
<          OC 

O    T3    U 

*.f  5 
1^9 


:   :  : 

B? 

'•    j 

.'   rt     ' 
.  o    ; 

o 

c 

:  ™   : 

'•*    '• 

C 

i  <u     i 

"2 

•  <u 

•    rt 

u 

3 

.  *—*       • 

rt 

*   en 

4J 

a 

*     ^       • 

/T  ^ 

» 

o- 

^     ^ 

M 

•      c/r 

G    <-j 

C    ^ 

C   C 

.'"c  u 

±j 

.2 

T3 

., 

cu  <u 

•  ^  c 

be 

"rt   C 

-4-J  "r-t 

""     ,-Q 

o  cd 

c 
c/r  ^ 

C 

£  £ 
ex  ex 

bJc 

•  ^  JS 

'S" 

C/3     b/3 

c  *- 

<u'  OT 

§  "c  5  '5 

c 

."rt  5 

JH 

^f^  S 

c 

5"o 

CL  a>  cr  cr 
*FH   c   ^  ^ 

PO 

!       ^       r^ 

M 

CXS     bjQ,^ 

O^CI-H     c/ 

1/3 

t>  2 

^   ti 

'S 

;  be  a 

5b 

•Bj'S  G    '  ^  £2  JH  ^2  "H 

2  "" 

^.S-1^  g 

J^ 

.  c  c* 

^ 

•*~^ii^   ^  c/T  ^   X-  X5    ^    rt          j   K." 

^    s  "*"* 

b£ 

•  'c  rt 

~bp     it/3"cn^"s^^rf^*3,j«'c'::Er' 

C    S"  *"    rt 

T3 

:'«  ^2 

rtJS    .  a'c  ^'a'c  ^  0^-^  O  ««  c    -'2  c  OT  S 

|l  l^?  lillSsl'S-illiSllilfeli^ 

g^J2  «"««  beg^l^  g)^  rt  H43^!  ^^J  So  be^^  g 

r'5-§  S^a-S'S^-S'S  §  cjs  ?pi?  ^'5  c^  «.!  8*3-5 

£.2 


I 


^    OJ 

^    Q 


c"'S5  >>     ^_  *d  *-> 


.S  -f-1     r: .«« 


in  itg  i  si  u  mil  sjiiiii  ii.ii  11 


txOO 


286 


W         co  co  01         tx  <N 

§.:::&:::      :  :  :  :  oo  8  :  :  :  :  : 

27.  Total  value  of  tangible  property,  $174,174  $151,201  $17,736  $15,623  $191,910  $166,824 
28.  Value  of  sub-division  IV.  "The  value  of  re- 
maining property,  including  the  franchise,"  ,  1,000 

29.  Total  value  of  all  items  as  above,  .  $167,824 

ZJ^ii* 

eo      «H 
K. 
Ul       £ 

"^       >>       co  co  oj       1.0  10 

^       «;^§8-      tf^ 

•    •    •  co  '    '    *       *    '    '    ;  04       ..... 

^3"  •  •  •  g  ^"§  

Zl        *<   <2          ~          «0  & 

Srfgsg   «    ~^ 

hJ^"1 

s  > 

-       ,  §  r  |  §  :«  •  -q. 
*      fc  o  1  |  f    M  :  :  S 

•   u^     •                                           '    c6           

o    

V    DC    CAlTt^     M 

s  ipr  :: 

«      A      J    »::! 

p<c     S  oo      *   •   -co 

3"  '.''.''"''. 

:   :  :  :  :  8  :   :   :      ::::::::::: 

>       -  5  u    ^  o" 

S       5  1-  w*«a  ^          :    : 

AND  CANAL  REVALUATION.  Nl 
SUMMARY  SHEET. 
Name  of  R 
EY  TERMINAL.  CEN 

,  MAIN  STEM  ,  ,  < 
1.  2. 

Value  New.  Present  Value.  Vah 

$77,283  $77,283 
883  883 
2I,o6o  2I,o6o 

13,655  9,257 
57,765  40,191 

^01    
•    •    •    '01         

^  :  vo  8  •  •  •  •  • 

•      •                 Ol    Ol      
cA          

:;:::  .\\&\\\\\$>\\\\\ 

•   vi     o     •                      '   C     ' 

'   S                                    '   vi                             rcJ 

CO                     ••••[/,• 

Q          DC            :  :  :  :t:  : 

<                HI 

o         -9              :  :  :£  : 

\  L    I 

••2f  ^    g    
•^••••<u'*2    3     .'        !' 

*  _:     :  rf  |    rf**  :  :  :  :  :  |.    :  :+J+J- 
w  •      •  §  *^     c  ?f  ,        •  S  S 

a  :      ;'§  £    ~3                l!     c   -|| 

c/2  2 

i         S      £      ^  S 

CM                  4-H                     Cy   ^_j 

•o            S3          ^  £ 
£         S      1        »1 

i      a     *    '|« 

DC                                 «      5  •"£ 

O                                  hr""1      -        ^ 

"2  :    jf^f    I  u  :   :  :   :=-3    .&|  If 
|i     |-r§    |^lrlig2     I-I-SS 

igi  'SU*fiil}f!f  i^Sl 

r/-  ^  .  S  ^  v-S^^^  rt  Sj^  §i  ^  °  ^  i-  ^  jy  ° 

bio  ^'w'u  rt  bo  i  ^  ^'rt  -*-•  ~  o'aJ^go  b£^,rt  b/3 
•8'3-gll  1  a|  g'l'Sli'S.al  a|  SS|'S 

COo^^^oyr—  H)-ia3r-fljrtt^iOo^<L»c/2o 
(ut-Hr-i'tlrrirt^ou^      -in-  —  ^*-iir5»r3ocTjui^3^H 
JH  O  PQ  i—  5  ^  P^  CO  Q  c-1  1"1       PH  WO  <nt/3i-40-ife  i«=5PH 

i-t   04  CO  Tf  mO 

txcd  C1,  c5  i-t  oj  co  ^f  too"       txco  c\  o  M  oi  co  •rf  iAvo 

287 


tO       •    M       •    M 

fc»    •  *O    •   ^"i 

00     •  to    •  co  ON 


>  i-J  ^   ;  o"   !  oo"  d\  of  co"  o"  d\ 


5 


,  ^t  co 

t-   o 


1  8 


<f>  **  EC 

-a  Q 

re  _J  y 

-    2  <  O 

5!   •-  DC  O 


>  •     M.     U 

Ul    o  o 


1000 

oco 

to  O     • 
tx  to    • 

9)  •  • 

CO  co 

*>  O^    • 

t  :  : 

O  ON 

•         • 

^ 

H-l                   * 

o\  :  : 

si 

*          * 

D  co 

too,    • 

8  :  : 

to  co 

... 

"2  ^i. 

O^  t-^    • 

^  :  • 

^  ON 

• 

5  tx 

o    .    . 

*„ 

;'     ;' 

;     • 

to  o    • 
tx  to    • 

txo     • 

ON  rf    *     ' 
to 

in 

to    ' 

%    •     • 

O  £ 

<  < 

-J  m 

>  1 

S  I 

^  9 


Q        % 

I  ? 

Qi£ 

<  «     "J 

O    o  Z 
DC  ± 

•J    re 

<  ^ 

a<S 

o 
re 


fcj 


•  to 

•  CO 
•VQ 


CO  10  O 

i-i  o  O  to 

3  of  oo"  o" 


1 

vO 

s 


o  vo  01'  co  01 

I-H"  Of  t<  Of  \0 
tp        01  VO  tx 


5' 


o 


Is 


03  »-J 


s,  retaining  walls  and 
and  its  appurtenances 


ttle  guards,  ga 
ng, 


c 

.S 

be 


s  e 

a  a 


:ol 
:•§! 


fc£- 

O^H  bf 


111 


'       - 


'     rt 


-T    J3 


5^      ^3 
o3   bfl  n 
^  C   C   QJ 

-  h/i  bj°lS   C   S  •" 

bBsf55  j5.£S       ^ 


^  gj^.ti-S  M^ 

S  _ziy  /i    /i    ,-*-,  'rrf    iw 


2^^  H  ^^  g 


o 


Jg 


o 


0   O  ^.« 


•Si's  IS  a 

rt«--*'-<3Gl-(<k,_, , 

h40OHPQHfeOpq^ 

w  oi  co  TJ-  tovd  Kcd  oS  o  M  oi  co  ^f  tovo"      txod  o\  d  >-!  oi  co  rt- 

M      M      M      HH      M      M      M  t-HMt-lO4040<<NO; 


^  $, 


288 


3     fc§J  :1§  :?  :- 

^  _j  ON  co  of   ;  MO  cc    '. 
si     .>  <  as-      *>  !       ^  . 

u^gS                      :      : 

•     >.  O  <*S    •     •        m    •     •     •  vc     
.    *  ft  H    •    •      00    •    •    •  fl    

.      .0]T.f..          ,_-.-ON-- 

ON       O 
t-x        Q 

co        O 

W- 

a 
«, 

1 
1 

00 

i 

CO 

o- 

^ 

MD 

:  :  "*"  M  :  :     "°  :  :  :  ^   :::::: 

CO        «H 
IT 
UJ       £ 

""*         ^        ON  Q  CN    •  co  ON    •  O     • 
^        {x^  Q   Tt*    •   (N)  ro    •   co 

>           W^mONON'OON'fM 

,,        <^  <    O\  co  01     '  OO  M2"     . 

^•«S*    -:    *;      : 

;    ;  rf  of    ;    .      ^d"    ...  co    

S  * 

r         ,    Q    r     s>  in   •  ON   •    -oo    •    • 

T-             <         .s  oo    -,-r   •    -oo    •    •    • 

8  :  .  .&  

o>        L  ri    \     *  in    <XL.  •    •  ~.   •    ; 

T-      e  2  w  A  rf    N  •  •  N  :  •  • 
<u  oc  cr>^--  &•         .   .  -1   .   .   . 

>•         w  -1  <     * 

i  :  *  i  :  :     N  :  :  :      :  :      :  :  : 

\  ^n 

U.            _            r^ 

UJ            «l~"         •    "^        CN--U-)-- 

"     8<o  ^  1  •  U  :  i 

>      —  cc  o   5?;  N-     of  :   :  i^  :   : 
!       «HSrfS*               " 

:  :^  :   :   :    ^  :   :   :^-  :      :   :  :   : 

:  :  ^  :  :  :      t  :  :  :      :      :  :  :  '. 

*      *Z(l 

o  o    ^ 
z'h~«           r     ^TtOO-ooio-vO 
r^UJP              ^ONQO-OOOO-CO 
O"*c              ^3  9v  CX  M    •  O  (N  •  >-* 

:::,::    g:::§:::::: 

RAILROAD  AND  CANAL  REVALUATI 
SUMMARY  SHE 

Name  of  Railroad—  Na 
OGDEN  MINE. 

,  MAIN  STF.M  — 
1.  2. 

DESCRIPTION.  Vahte  New.  Present  V 

i  Land,  $6'994  $6, 
2.  Clearing  and  grubbing,  3,9OO 
3.  Graduation,  7O,ioo  7o 
4.  Tunnels,  ........ 
q.  Bridges,  retaining  walls  and  culverts,  0,023 
6.  Track  and  its  appurtenances  
7.  Fencing,  
8.  Crossings,  cattle  guards,  gates  and  signs,  .  . 

.          .           .           .                                  •                                  •           •           •                      

:  :  :  :  £  :  :     £  :  :  :g  ::.:•• 

•  <u                        •  <u              •     '              '  t,  o 

•  *TJ                  *  o              *                ^ 
:  %              '•  i            :  :      i^'-g      : 
':^               :S            :  :       J.S      '• 
S      :  ^                :  'S            :  :      -'B-     g 

:1    ;-          :s        :  .  ^'5^   s 

^o^                           '.  rt                "e^i^r^"^^ 
o-^       c  '£                                        S  S       &H  bp 

•2  „    5^                '?     H     66     2~  -^     ^ 

3-2      <u^               •««     S   ..^.&     a^  -  •  ;; 
1/5  ^P     =^              i!  c«     Sc^^,     ^£TJ     P 

««^  S      ?u           '       5-o.2-^£f£fS^c      S 

1J|  If  tf^I  I2   &-N.8   I'-i'i  S" 

i*ikli8ttiSLi!fl  5i? 

rt      bJD    ?-N     rt  •  ^               rt      r/-j  *-*      C/O  PT~4      rtQ        -<Qj"*J*^OU4               CJ^j     C-              —  ' 

^G^^^^^^^-^.Sr^olj^^uJ^C         ^    J'   cf 

I'll  S)'l^t:ii3^.<u  'Sill  |^l  g   ?*o|     > 

^Illa.^&fi'Sil.S'Sall^l^     ^i     ^ 

S|5il8-S§<i.sJSe-ls5ga'g|5  ^^s   « 

:q  v5  ^  P-<  t/i  P  5-i  r-1      P-i  W  O  ^  en  ,_!  PU  fc  (<  PH     H  K> 

^sdar?*^    s^SgssSct^    ^      ^ 

289 


M 

p 
_t 

<     • 

% 

•    0      -00 

*  \o     •  r^ 

% 

-::::!:  i      ':  :  ':  ig 

4| 

& 

hH 

..:  v  ::§::-:::::  9  :::::  f  ::::: 

:  :  '  vr  :  :.&  ::::::::::::  S  :  :  :  :  : 

and  grubbing,  
n. 

etaining  walls  and  culver 
1  its  appurtenances,  

•a 

(/> 
<u 

cU 

bo 

c/f 

*O 
u 
nJ 

3, 

£  b 

rt  ^ 

O    re 

) 

b 

c 

ill 

.  VH   <L> 

•  rt.S 
'  to  'So 

-^  c 

V)  JJH    4J 

"g.SPta 

•IS  §  £ 

8§gH 

0  o  rt  •" 

S    .     TD'T 

» 

2  «T 

•Sji 

•—  '  2 
oj  nj 

"I-S* 

V     V)     <U     c^ 

»T3  c  d  ± 

-M   05   oi   *- 
Ui    U    n 

-o^  0-3 
-  5   -_^ 

ra   to  *7^    f 
aj   <J    rt 

rt 

;ous  structures,  
hinery,  tools  and  appurt 
es.  . 

train  equipment,  
ain  equipment  
ous  road  equipment,  
r  marine  equipment,  .  .  .  . 

aring 
duati 
nels 
dges, 
ck  a 
cing, 
ssing 
ck  sign 
rlockin 
cellane 
senger 
op  buil 
cks  and 
legraph 
-table 
d  tra 


S^  u  5 T  i:  s  CJ=i-^^  rt.£  013  3 
jOOHPQHfeUe^^PMwQ^H 


T 
Turn 
an 


"^  .  c  S*S-*«B'+3 

^ 


en       >       --, 


^  <u.        ^ 


1-1    01   co  rj-  tr,vO  txOO   OS  O  M 


19  E  S 


O    1-1   O4   CO  rf  tr.vo          1X00 
040104O4040404          04O4 


290 


t*od  di  O  H;  Oj  £  ;j  JOVO         £00   ON  O   HH  cj  CO  ^  tovo         JX<^ 


291 


W         <N    t^  O 

P          CO  O\0 
*3        co  HH    <N 

£  J   of  (o  of 
.>  <  W-      1-1 

<OH  £ 


00   t>  10  rvi 


:SV 


EW  P 
L. 

,332 

197 


E 


fc«  of  ro  of 
m-wg^-     - 


I  ;H«5 


OO 
co  co 


^J 

Q 

^ 

0) 

1 
<u 

< 
0 
DC 

'to 

"53 

.JSk 

£- 

> 

4-> 

_l 

^j 

K 

LU 
0) 
QC 

>> 

CO 

< 
DC 

^ 

| 

UJ 

-5 

T5 

2 

_J 
< 

| 

L 

? 

^ 

UJ 

z 

'fo 
DC 

ti- 
0 

CENTR 

0 

t 

^ 

z 

H 

0) 

to 

o 

LU 

E 

J 

.* 

o\ 

H 
< 

D 

UJ 
I 
(J) 

ro 

Z 

U 

8 

of 

_J 

> 

W 

2 

< 

DC 

H 
'X 

R, 

> 

< 

UJ 
OC 

^ 

s: 

^ 
< 

i 

0\ 

•  txoO 


01    ;  01  oo 


§^~ 


coco 

10 


d— 


«  g 


:  2  o 

:l« 

.  g_s 
*  w  & 

«     g 


:§: 

.   03 


* 


21 

5  r3 


i    -     <U  > 

i^-5  ^ 

(£-(  bo  03 

>::     S  « 

^"2  rt 

,>^  52 

!S"S  g 

!  c  c  g 


en    g 

v-' 


S£     M. 


o 

—  I* 
^  ^  a 
^  w  bfl 


h40OHPQ^feOW^ 

M  oi  co  TJ-  i/Ysd  txoo  cK  o  HH  oi  co  ^f  "Svd       Koo  ON  o  ^  oi  co  -4  tr, 

M      hH      HH      M      M      HH      HH  ^1-11-1010)0)010101 


txCO  ON 

0<   Ol  (M 


292 


O      •   l^  Tf  rt 

CO     •   C\00   i-i 

I-H         •     IO    Q\   t-H 


10  IO     • 
10  t^     • 

10 


"p 


r^  M   O 

10  ^  CO 

CO  in  ^ 


irjvO   co  O 

t^  10  tO  tN. 

vnvO   I-H  00 


CO    IH     O     O\ 

CO 


1  & 


0) 

IfJ 

? 

§'••':  :.§: 

:   :  :   :  o  8> 

> 

LU 
(0 
OL 

E    ri  'J 

V    &    V 

to  d  " 

*<e 

T3            £ 

i  .^ 

*! 

1 

0, 

:     ;     ;     ; 

-3 

re  _k  ^ 
2  <  C 

i 

§      :   '   :  §v" 

.   .     5   

f   

$ 

-  oc  <- 
*  i-  £ 

>    < 
'eosj 

^      :  :  : 

:  :  :  :  « 

o   •   •   •   :   • 

DC    7   ^ 

Z 

It 

v   1,1 

H-    UJ 
0    0     l 

! 

G 

Ex 

<j 

00   _    O      •   t^  co 

^{^^  :S^ 

xo        co^      •      ' 

.     .          .     .     .     •  10  10 

:  :  :  : 

REVALUAT 
\AMARY  SHE 

2 

t 

e 

c/ 

2 
H  < 

i 

;  i 

<  >, 

£«"#  :^R 

^^Z  :\2X 

t^.  10  ^    •  *Q  f^ 

^T  r\r  M   '  co  o 

O        fx  ON    •     • 

00"         ^  M      *       j 

:  :      :  :  :  :  (2  K 

:      :   : 

_l  D 

S^ 

\*-* 

».«  oT  ;     5 

... 

o 

w 

Z 

O 

Q 

Z 

D  BARNE 

1 

[ 

•=::::: 

0 

0 

DC 

Z 
< 

K 
LJ 
> 

•  .$f  •   •   •  •   • 
j-g  :  :  :  :  jj 

«  •'      :  g"  | 

:  :^   :  :  :   :  :S 

i!|M   is 

_l 

E 

I       .*o  £ 

2  :      :§•* 

.s  j^  •  •   •      •  *^ 

•    0    <L> 

-^  :  ?=  F? 

< 
DC 

of  Railroad  — 
TOMS 

DESCRIPTION. 

g  and  grubbing,  .  . 
tion,  

5,  

;,  retaining  walls  ai 
ind  its  appurtenanc 

be  .      :  rt  c 

oT             '  «'§) 

•O                         .4.,     C 

J2^:  « 

03                   ^     b/3.,  i 

^°      S'iE  i 

°-  P  c  S  ^  2 

<u  rt   ;    i   '.      c/r  ^ 
§11!      *•<  42 
•ig  fe  .1  •   .     S  9 

:  g«^  a  r  w.  «     o  c 

fc^S  l^^^1"  & 

Drives,  

ger  train  equipmer 
t  train  equipment, 
aneous  road  equip] 
ig  or  marine  equip] 

S 


•iJn  g1   -i 


CJ^ot^          ^  $ 


293 


P       co  r-x  in    •  m  co  Woo     •  «  "rfvo    •  Co    •        "->               •  w  rx              •     • 

j         04OH-i.cocOi-iCN-O0400-O\-         O                  •   ON  O                  •• 

R    8 

co       O 

V  JERSEY. 
& 

>»-!  ^O    txGO          O\  O           CO         01         \O                               Tt*                       ^"  hH 
<    O       00     *  W  51                             co    '                                      *  ol 

'£SS        :     « 

wH 
1 
(? 

;>       co  *^j"  co    •  01  ON  co  ix,    •  rx  tx  co    •  vQ             o               •  ON  O 
•*•        co  tx.  in    •  co  co  04  ON    •  in  tx  in    •  vo     *        tx.              •  10  tx. 

3       H 
^§ 

§ 

5 

^  ir 

^  ^  vo^  i^oo"^    '  in  *f       in'of       o^'co'        in              'o^t-T              ... 
jwgooo;com                          m'                                  'co 

Z  " 

5^     >~|                             co 
jt"1  •€/>- 

^0 

0> 

u. 
0 

il 

< 
> 

;^vo-co-Oocoo----in-o-       .Q'-'Q    

% 

oo 

> 

£  2  " 

u   K.   'j 

»  d  ' 

•  ^    O      '.    *-<      '        CO            '      '      '      '.  \O      '            '         I-H      '      '      '   04      

j^  ^  .                         :.„«*: 

of 
o 

•w- 

CO 

DC 
UJ 

tf<E 
^    if 

;l      

-3 

2<c 

t:   :   :   :   :   : 

"t 

^ 

•s,111^ 

oT 

UJ 

z 

±  H-" 

O   UJ 

"zl 

•sg  t 

1 

:  -  »  w  .       .              ....       .       .          .   ;   .       :::::: 

Q                   •                  •                                   ....                 .                 .                          ...                 

4^ 
3; 

gs 

5 

^  o  rc.^   :  o;  jJ     co  :  oi      :   :   :   :     N   :   :   :  «  ~   :   :   :   :   : 

of 

rf 

<   00 

s 

<"*<#-         :     «                                      :':';:          :   :   :   :   : 

5 

REVAL 
MMARY 

(I 
&• 

c/ 

|9 

< 

!•! 

_.    tx.  T}-  Q     .oOtxint^.tN^fx,'.'-        Q''        ^  O     
£   q  o  in    •  i^op^  i-it"v..ooTi"'-'-       co--       04O    
<    .!$;  v^T  t<\o'    '  inoo"       10    '  oT         '     '     '     '        co    '     '        co  *     

co 

J—  \ 

SI 

*~  «»    ^>       00      '    ^  co 

*O 

<    CO 

a  *&                    ^             !             .  .     '.    .     '.             '.    '                  '.'.'"' 

in 

</> 

z 
< 
o 

Q 

Z. 

ILROAD. 

v    .    .    "    .       ««".•*•• 

o" 

8i$ 

MM««-I 

< 

o 

< 

0 

< 

QC 
O 

•7 

•:.\g     &  :;;;;:;  8  ;:  i  •;  1  ;  ;  ;  ;  ; 

£   j^   .      .   .  .  <u  .  .   .   :  : 

•    •      £>    •     'O               •  ^       .'  rt       •    •    •    '  £    ^    1    '    .'    . 

•  •    ^  •     c            •  w      •  u,         ;  :  :  5     ::*•• 

/,  
value  o 
2  franch 

RAILR 

^/INELAT 

o    *  '    M                ^  o       c/)                          *  ij4        *    *  J»T  o-T 

4!  «  S       s  -^   i  g1         ;      ':sl 

§'                          rtS                            ^.S<u'rt                        M*n        §  -.OtA 
2            ^            ^2c/T                t«boc-|-'                     i>            a  4~>'«"rt 
Shr           •  —  !  B       »ri                        (-1??                             j-.t/DCC'3'-'. 

m 

OS     C 

>-l 

o 

3        rt 

(A 

05 

tN.00   ON  O   i-i   0)  co  -3- 


t^OO  ON  O   ^  <N 


O  >-3  oi  co  TJ-  IOVD 

0)   N    04   01   N   OJ    01 


294 


RAILROAD  AND  CANAL  REVALUATION.  NEW  JERSEY,  1911. 
SUMMARY  SHEET. 

w       10  •*}•  O     •  10  co 

f3          IO  IOVO       •    CO  •*3" 
^  j    M"        00"     ;   OCM5 

S^j* 

2  r 

u     £ 

s.        iO  TT  O     •   O\  O 
^         f        10  ioO     •   01  <O 

*:::::::      ::::::::::: 

Total  value  of  ^  tangible  property,  $50,702  $42,996  $2,601  $2,293  $53.3O3  $45.289 
.  Value  of  sub-division  IV.  "The  value  of  re- 
maining property,  including  the  franchise.".  .  T  nnn 

!  t 

•"  I 

oJ 
> 

rt 

tr 
ra 

01 

o3 
*rt 

M-H 

0 

0 

,5 

rt 

^- 

'rt 

1 

irj    

rjj         ^  <     Of       00      •   t<  co 

..r  ;- 

,  Q    r    *  tx  • 

1  <  f  -I  \s          5 

•     

* 

•+••    _J    --*       =: 

l!g'*fr';           - 

2  <  o    |  >S  :  :  :  :  Ss 

—     DC     CJ       ^     KH"      '       '       •       ' 

o  o    '•- 

F               -3   o»  i-o\t5    •  co  i^ 
z:                 e    o<       vo    •  10  10 

z       Ul    ^'^ 

^    S            : 

w     2 

H     cT 
175      *« 

.    OJ      



•  't   

i  ^^^5- 

S     2 
I  ( 

CQ                   

Q            :::::: 

f]                 '               'f.           .... 
^  ,                             "   1*     " 

•  ««  g  :  :  :  :  :  a  :  :  :  :  : 

z            
<            •  •        *   • 

UJ                    .                   o     . 

z                        -^   : 

>(j 
M 

:  g,  ::::;::«>:::::  g  : 

T3    ;    ;    ;    ;  e/r   ;    ;  ^    ;    ;    ;    ;    ;  "C        ;    ;    •    • 

rt'            '      ~  S             ^  "^      o* 

trt        .                 .     ««     O              ">                                                                                         -M    4-> 

o               !  6  J3        ii  «T                                       '        C  C 

G   u 

a  :    ;|g  -^s  ;  :  i  ;;l  ^  || 

Name  of  Railroad  — 

DESCRIPTION 

Land,  

.  Clearing  and  grubbing, 
.  Graduation,  
.  Tunnels,  

.  Bridges,  retaining  walls  i 
.  Track  and  its  appurtenar 

ii.S          <yrt                            crt^          <y-CXCX 

»    .            tflbfl       C  **....«>            P"^'5'^ 

"2  :     «  £  S    J  ^  •  :  •  :  s  •§     »  «  ^  ^ 

•£§  '^  co  S^S  S^^^1"  £?  .ss'^S 

U     CO  *^     ^~"     U     Cf)     CX»—  ^     ?7    G     G    ^    "fj  «^     CJ     O-   O     C/^     ^   O    "r^ 

coo-^.^c/5°o^'':'ci:!!-;^c:!-«2cjc/i'^-^o 

•^H  O  PQ  h5  S  PH  C/2  Q  J-H  ^H       PH  JiJ  O  S  C/5  i—  I  PH  pt-i  S  fe 

I-H   0^  CO  rj-  iOVO  txOO   ON  O   M   01   co  rf  iO\O 


O   '-H   <N   co  T-  ir.v 
O<<NC^O<04(NCN 


295 


P          ro      •  OO       •    CO^O    04    to     •       •       •    TT     • 



3-    8     ? 

<    ;    n"     '   i-T     '        oo"        rf    i-    *     *  M     ' 

10       H?      vo" 

• 

00                   00 

>• 

•6^-                   ^- 

UJ 

^go       :      :               i  i  :      i 

(0 
EC 

LU 

^ 

§ 

• 
A 

> 

rO-OO      •O\C^fO';t-      •      -10- 
w^^     .M     -OON       "^r-     •     •  10    • 

3 

> 
UJ 

i 

w- 

,Jj_    W      .                .                                        .        .       .                . 

|L 

0 

,   Q 

> 

^o 

•  u 

S  £C 

o" 

>     -55  -i 

s  *s 

-     gj 

<*?       :      :   :      :   :   :   :   :      : 
,_j-    ^       •      •  •      

u   ^ 

Q     '~H 

<fr 

9 

2  < 
^       -  a: 

C      2   ir>   *  H     •     •  n-    »n    • 
O      <  on"    '                           HI     • 

vO 
0" 

£       «  H 

«w^^5-    

W- 

^       c:  z 

Z         „_   U 
o  o 

Z  H    (0 

1    £ 

O  w    £ 

C? 

"~  UJ    re 

h\    0)      '   M              00         f5 

10 

<  I  z 

c\j  •"•  ^£    •         •        M              

Jts. 

D  ^ 

jsTS**  :      •              

-J   >- 

<   DC 

>^ 

w    2 

£  £ 

r^ 

DC   S 

M         SM-O'OtO^^'      

01 

*   S 

<  .^  of  •  ^  •  M  ,o     ^  ::•::: 

M 

-1   D 

"f        ~    V) 

(/^ 

<C/3 

5         i        '                    

Z 
0 

0                   Q 

L! 

I  " 

<U*\j 

?       5 

g    

•    in                             '   c3           .... 

MH'pJ 

o  *^ 

o          fc 

< 

:  i  :   :  s   i  i  *c   .   :   i   -  «« 

:  i  ^  :  :  :  :  1  1  :  i  :  :  : 

0>  c 

'  *c3  *i^ 

0              > 

cc 

_l 

:  :  :  :  ^  :  :  i  :  :  :   ;  ^ 

:::.d':w..:^o 

"         C*                        ^    r"] 

J  .r  :  :  :     :  rt  •  •  •  c  c 

fit  1 

RAI 
Name  of  Railroad  — 

!                 I    en   2         c/T     I           '   m    b/D 

r\        .  5£           *  —  ;   C       *Q     .          ^       c 

S     .  c      .  rs  ^     »-  •    ^,2^ 

I  j  _  |J  }|  j| 

':SI  ^^    SwB-llfcl 

:  g^j2"«  J3  ^^£  to* 

^^  2   *  '  *         c     S  •  S  E 

OjaJl           '         tfT^S         <u-CXD. 

§T  :      :     |^3     |I|1 
^aj         -    3°    '^c<ui> 

CLKI^H   cn*        e^        O   O         J3   C 
U'O-t-'O'Ti'-'          <U        *3    **          r^ 

S  c          ^^jO^c    ^^.-i^tt 
c3  ^2  ii  ^£'~H  T^J-!rt'-^iJ"MC!i,/. 

.  Total  value  of  tangible  prop 
.  Value  of  sub-division  IV.  '"] 
maining  property,  including 

Total  value  of  all  items  as  i 

d\ 

c^ 


296 


g    ^  :  8 

:^^  .::::::::      ::::::::::: 

S5  § 

VT)            1- 

1 

1 

(N 

I 

'•  :  i>~ 
'    •  u  ^ 
•  "olE 

f 

04 

I-H 

C 
0       ^ 

s 

•/. 

£ 

*« 

H               M— 

C 

iJ 

0       ^ 
(4 

*rt 
0 

d- 

\ND  CANAL  REVALUATION.  NEW  JERSEY*  1911. 
SUMMARY  SHEET. 
Name  of  Railroad  System  — 
CONNECTING.  CENTRAL  RAILROAD  OF  NEW  JERSEY. 

,  MAIN  STEM-  x  ,  SECOND  CLASS  ,  5.  6. 
1.  2.  3.  4.  VALUE  NEW  PRESENT  VTA 
Value  New.  Present  Value.  Value  New.  Present  Value.  TOTAL.  TOTAL. 

$44.o6o  $44.o6o  $1.000  $1.000  $/ic:.n6n  $<u 

-  :  ^ 

13  '.  ^ 

•  , 

^  j^  

:,.:::::::::      ::::::::::: 

:|  :  

*  :  8  : 
>  :  8  : 

(N    O      • 



2    £    s 
c    c«              i  *  3   

RAILROAD  > 

Name  of  Railroad  — 
WEST  SIDE 

DESCRIPTION. 

T  T  0,^ 

Clearing  and  grubbing,  
Graduation,  

Tiinnplc 

Bridges,  retaining  walls  and  culverts, 
Track  and  its  appurtenances,  

T»Vn  riiicr 

£       •       •       •       •              ...>.....<U..                     .              .5" 

-   •          •  </>*  •                      •  t:  •                   -~  2 
2  ;•••'•  «T  ••  g   3  •  •          •         5^- 

5  '•        •       S          **        ••        •  §!       •                  £  u  ^ 

4_i     |          *  O             Co>          !     !          '  .   i          ^       cjcu        cx^"1   ^* 
i/T              '  "t^'Sj       c*  "*"*          !     !        u             p  -*-("''^*s            ^>  — 

Slsi^jBs^alf  iis"S|i!:  !1! 

srfilEliiPi!ll1IHII  K.I 

illllis^lelll-ilg-lllll    -Ij 

-i    <N   c*3  ^f  i-O^O  t" 

xod  c?'  o  t-i  oi  co  Tt  i/i\o       txod  d\  o  >-<  ti  <^  *t  in\d 

r^oo 

r»i    rj 

w        -t  C  'O 


i-T        VO 


tx  r<->  10  G\  O  V 

P  Ix  >O  i-i       •    O    O\  -Tf-  O  VO    ^ 

IN,  10      •  \O    I-H    ry  H-I    fxVO 


i- 


i 

5 1 

UJ  Ji 

Q  t/> 

<  < 

1^  O 

I  0 

Q.  C 


•  _:  „-  ^f  ^  p"  i-T 

;   HH  vo    co  04    CM    KH 


co  txcc"      o\ 

O  co  o\       ro 


r   = 

« 


tX     rf  O"  Q 

:+,    CM  vvo 


*<&% 

C  I-H       tX 


•c"5-§ 


to  01  rf  0)  Q 
tO  COOO  O 
CN  CO  £ 


M          •      HH      CO 


Ok  • 

O 


OtxMrt-OONCOQvOTt 
O   -^t  coOO  to        -^-vo  tx  co 

CO  M     I-H  CO  Tt  l-l 


HH          •     tX    10    l-l 

00"     •         co 


\O     •  vo  vO  OO   >-1 
M      •    CM  VO    o<    CO 


O  O  to  O\  O  vO 
x  O\  04  \O  ^t  «-! 
3  vN  O  txVO  co 


O  tx  Tf  oi   O   "•*   " 

o  oo  ^  ^  ~  £ 


M  tx     vo 

o\  a\     <o 


|*     I?  :  2% 


> 


bo 


:3J8 


rt.S 
w'Sb 


tx  CM  00  to 
01    O    ^    UJ__ 
M    co  tr-.oO   TJ- 


C^  M"  Ov  O"  O   O"  co 
i-i    HI    O\VO  00   -^f  CO 


*   ON  T}~  O   co  O  to  O 

|   04   OAVO  CO   C^  vO   co 
"  tx  HH   HH   T^-  lovo   "^ 


^    • 

';     | 

"  co  Q"  to    ' 

'   Tf"VO  00 

[co       CM     ; 

co 

:   :K  :::::: 

CM  CM  co  to 
vo  o  M  to 
1  to  co  tooo 


CN  TJ-  O  co  n  »o  Q 
O  vO  co  »OOO  vo  Q 

r-s.  CM  co  >-i  tx  i-c  o 
to  <5\vO'oo"  CM'VO"  co 
IxS  M  rf  vr.vg  rf 

*-  oooo 


i       . 
- 


c  c 


o>     ».g«.g 


&  a 
3'3 


'3  £ 


^*  V 

II1  S 


rt^s  M  3 


C  OT*S^  S 

gSoJS.2 


at; 

C     r- 


o  »- 

OJ     0 


M  CM  co  TJ-  io>o 


rxoo  0^1  O  *-i  01 


O  *-i  01  "^o  TJ-  lovo 
CM  01  CM  <N  CN  CM  01 


00    C 


jQ 

§ 

'S    ??  -^ 


vO 
O 


-1  bfl 
-      C 


bo 


« 

IN. 


9   T< 


-^  £ 

O    03 

u  e.c 


ft 


W         04   f}OO      •    ro  1^>  M    10*0  CO   <^2  "•!    O   O  CO 
Ix  O   <*3     •    ^t  iOVO   ro  'OGO    N  OQ   Q  O>  <*J 

j        O\  ix  O     •   ON  H-I   10  01   O  10  ON  -<tOO  10  "N 


10  H-I  IN»  10  •rfCO  "N 
l^  (N  O  "">  CT\  O  10 
T)-  ro  ro  ^t-  <~O  <"O  t 


O  C?\ 


tx  lx  -^ 

\0   m  10 

O 


cfj  vc  O    Q   'O 

GO   tx  Q    O   01 


^  <    o^  ix  i~x    ]  IOGO'CO'  PO  tx  j_x  i^  10  o\  J^^O 


o  «  r,  to  10  1 

^     -t     *-> 


=      > 


>          •£ 


O 
w  < 


CO   -   U 
«   ^    S 

8       c 


%<* 


3 


%  : 

10      • 


GO 

^6 


^CO 

-I  > 

<   DC 
>   < 


* 


to 

'   u     .     . 

'       V. 

r3 

*o-c        •  ^  o. 

. 

•  s  • 

_ 

'.      '.      .    ^ 

•     0       •       ' 

•    rt     •     • 

*    u 

•     ;     ;     ;          ;  £  rt          '  •  -   ex 

•           K^ 

^ 

•    -f. 

'    O- 

,^j               'i>                 U'      ^    (^ 

.  »-^ 

~   ^ 

^  ^~* 

.    '.  a 

i        "*       *            "t^     r^  *^               ^   *""*   ^\J 

; 

.    CJ 

M 

:   :p 

C   of    *     ' 

•    -*o 

:  S  S       aH  ^     *^  9-^M 

*J"    *  C  C         O-      c         ^i«O 

•   G    -j 

b£ 

—  '  43     •     ; 

c 

0 

U1      ^ 

., 

•    •  t^'So 

C  ^     '     • 

:  ^  rt 

^^''5*5      (u^-S      ^  ^  ^ 

DESCRIPTI 

i  grubbing 

lining  wall 
:s  appurten 

-  —  <      b 

i  t/r  ~^j  53 
:"s!«-o 
.  :-»i  S  . 
•;;-gB| 

o  .     "   * 

•"^     CJ 
^•-M      Oi         „    V 

»J  «O  4>  M  •*; 

-sgifj 

,-s*^ 

•  5*° 
•  ^  2 

».£"  ^' 

o  ^  >  rr 

III!  Hi  -^1 

<u-^  «  c       g.«n  -^     ^r:  a»  c 

.s§2s    5|  t    «'5| 

,gc^2c     °A£     °5 

Q 

^       •    -l_i  -r-i 

u    c^ 

b£  ^    c^3  -^H 

rt  c^r^  ^  'r 

rt  o  jz;   fl- 

"-"^      0      »M                U      5      OH              <U      S    .C 

u  >  QJ   o   > 

c 

(/)     5 

)*r3  c  flj  *^  *- 

»—  *  --^t  ^  b£»  — 

<D  •*"*  t-i          ^7—  •     ^-      rr^*  t+~t  ^' 

bX)  -*- 

'     t/2     t/f    C3     b 

*    Of}'  *- 

CJ     ^     bJO   ^     ^ 

frt      *~*    *^*      r-*      ' 

O     rt     C     C 

tjj  ^_»       ^       ^                 >•      O   *^                   r-*       ^        ^" 

t: 

r 

e 

S  " 

•^  S,^.£ 
'  a  «ow  t- 

i   C  .2   rt   c 

S    J-i    U    a. 

'l± 
sJ 

llill 

C  ^H     rt  ^    /-C 

bi)A'2'§I 

•S§s.l^ 

^-3  "  £ 

.S    U    0.  C 

2--  °  ^ 

SSI'S    «S|    3  =  ^ 

S£!^^      c^  £      o^- 

^^ 


299 


W       vo     •   O     •   coOO     •  IN»    •     •     •  vo  O\    •  01        10    •     •     •  O  fx    •   O 
t>        •^••1>>..\OCM     •   ON    •     •     -OOO     -co       to-     •     •   ^  CM     •  JN    * 

co  r~x       c 

01   o         C 

00  10         C 

5               tN 

i    s 
*    $ 

£. 

cT 

^.•><co!        ;      "^i        !!!       CM]            H!!!>-<        i^!!! 

z     «£      !      i         !      :  :  :         :            :  :  : 
5    I 

ui   ^ 

^          >        \O'O-O^-C-)---OOCM-CM          ^-•••CMiO-O- 

erty,  ••--  $212,434  $162,648  $38,611  $25,175  $251,045  $187, 

Amount  recommended  for  assessment  by  Charles  Hansel.  .  .  .  $121. 
?he  value  of  re- 
r  the  franchise."  . 

O      S5  ^   to    .  T) 

I 

i  o.  r   i  co  • 

LT                                I                   -^      tN.      • 

r.oo^r..        ...HHIO.          CM.;.  co       ;  co   ;        ; 

'      c  ^9    '    ' 
-         a>  Q  tsi'tf'  +~         '.    '. 

iij         v.     i  i—  T     ^         • 

co       <a  z!  u    s: 

DC          -  X  Q     ^ 
UJ          ^   Q.   -        .    ro    •     • 

•co    1^  l^     •     •                             •  \O      

:  :      :  .   :  :  :     $j   :  :      :  :  :  :      :::::: 

2      o    s  \o   •   • 
^     .-       u    ^  w-  •    • 

•      •    1-     CO  CM^     0?      
'    n*'  IO     '                   ....             

:  .      •  :  :  *  :     co  •  :      

ND  CANAL  REVALUATION.  NE 
SUMMARY  SHEET. 
Name  of  R 
\Y  AND  SEWELL'S  POINT. 

,  MA11N  STEM  ^  ,  S 
1.  2. 

Value  New.  Present  Value.  Valu 

$35,273  $35-273 
4,270  4,270 



.  vo   O\        O\     co        10     •      •      •  VO  W         R     • 

.  vO  co               HH                    10            \O" 

".  oo~  ^F           III!        '.          CM"       '.    '.  co          co   ;    ;    ' 

£     aT    

<          03            ;  :  ! 

Q               uj 

^          * 

rr    ...I...  w    '...'..  ns    ! 

If  i  intUiknl  ;i  '-:-  '••  •• 

o          < 

5     ? 

:8  1     8  :  :  :B|     8'rf               :  «      :  :  c'-g 

RAI 

Name  of  Railroad  — 
CAPE  MAY,  DEL/ 

DESCRIPTION. 

i.  Land,  
2.  Clearing  and  grubbing,  .  .  . 
3.  Graduation,  

.T3^        •»-»     .          *  O             C   oj                          '  _-          „    '  <u  <u        ^S"1^        rc 

<•"*                   Cy                         •  *"*    fl  )          '  *•*  ^-t                                     "    S           -4—*       "    C     C            O          ^        C 

'^5U        bfl    '         •'tir:''~^U3                           C        c    •  e  C        vi           •"        ^ 
•^.S        <urt                      wT  rt        aj^d-tt       a.-'0 

:^C      g    ''         '  w  5P       §"                    -S  co       ES'5,'3       a      >-|       J5 

:§|    |      js^S    lfe        B    5o    .*!££   3    «g     g 
:^^     g  :     g.g>^     8*§tfrf.|i     ^2     g,|^«    '&    .2^    - 
:g>g    ^  '    .9,8.9^  ga-gS    £^    ^'S  §•£    S    -g^   = 

:-p  rt      ^b£       w       M«^       2  C  rt'S.w"'  «  C       S«^cd               5$       " 

:-|s    11^31.1-5,1  ."^S§I«-CBSS     °    Ig     o 
•  -M—      y  S  yo  rt^_.  rt  «^  g-g,^  o2  w^'rt  o  t-     <u    "§0,     oj 

L    Tl                ^   G     C     (L>     t        5  ^^     _H     ^     ^*     ^             K^flJriba.t        tOJ^            *~{             rr 

h  fc  1   .  a.&S  S  S  ^  S  *&3  h^JScrt'Jsfe-fcor    •§     M  bo    ^ 

J2<yTr3aO^'c«yr£5&J[)^rtrt'rt"*Jrr:Oiu0;3gob£+Jcl2bJD       ™        O  «§         ? 

liTlll|illllI^llll°llfll  1  11  i 

TJ-  lOVO  txOO'  ON  CD   i-<   CM  co  rf  iO\O         KoO   ON  O   >-<   CM  co  rj-  i/jvo'         ts.       CO               <5, 

300 


ni        ro  ^O  ^O     •  ^-O^O   i—*  00  t^  0^   <V3VO 
^  j     J<         O\     :  CO'   ON  of  rf  00"  CO  HH"  CO     ; 
,K       ."*  <     <N          0          COOO    01          co  ro         ix 

o       o         •    •  o  vo  i^  o    •  o\   •       "^      O       tx 

•^t      uo       ••oi-iONco-oO'      ^      o      '^r 

01          vo            •••^'OOlO-vO'          ^f         O           'T 

1  "SI* 

r           ;       °                           ; 

of                of 

Q        £ 

<        « 

£    >  f 

MJl 

"i  'X,      •   ^   ON  00  1-1  vo   I-H  HH  Cv    • 
^co  o     •  vo  -•  vo  01  01  r-i  oo  -i     • 

•5  CO  CO     •    l^vo    Tt-00    01  OO   vo  T>     • 

:  ol    ^  :   :   :oo  B  ^^  '^   :    S      :       • 

rc?\       ~f  i  o  c)  vo  r^  i  ^  oi  ^ 
O      '   'N   04   ro       vo   ^f        ON     ' 
vo      '  vO  CO 

O          'LO                    00    HH   LO  ro       00               ^O 

;  ^          ;    ;    .  *      ^t  ro  ;       ;      ^ 

<. 

r                    .                                                                 ', 

*            -          ro 

E 

•»-            .    n      c      ~    <~o    •  oo     •  oo  co  01     •     •     •     •  >o    . 
*~                       i              .c     01      .  CO      •    "t  ON  l^     •      •      •      •    01      . 
O>            1     —  J     '        cr    ^~t~    *  wN    *   ^  ON          •                  ^O 

C    m    (/>    .*—    O                          OJ           .                 .   r/} 
.         «  Q   2*~  &    . 

N  •  •  -^  vS 

UJ          £  j   ^      :-' 



:  :         :  :  :      ::::::««•     : 

co        a)  —  u     S: 

o:           I  ^    - 

^      2^    *  3  it  ;«?§§  j  :  :  :|: 

'    ;      co'-'c\  t^       ;% 

*     5     S«  j  - 

h  ;      :            :  *  :  :      . 

:          :       .      ;   o\      . 

z      „. 

'. 

.  ® 

ZHw          r-«Jcooio-ooorocorOf\ico-. 
OUJ    c                  --    moo  01     •VOCOOIJ^'-I^ON-     • 
"^     ON  CO  co     •    coQ5    HI  OO  tx  01    co     •      • 

i_  S"    ™               L,  vd      co"    •  of  \o"  01"  rpoo"  co  ~    ;    • 

V-.    X    fc                   •  H_    vo        Q         co  t^x  'vi         co  ro 
"^    (0                   vl0^  *   £        ^      '•   ^  ""' 

•   O         vo     •      •      •   O  vo  I  ^  O      •   ON     •         co 
•rf         Ol-.'-r^OvcO-OO-          « 

•  01^      co    •    •    •  q^  o^  01^  o    •  10    •      vq^ 

vo                                            ON  •^f     "                     & 

'.'.'.        ~  4  :      :     "? 

D                          S  w 

.       .       .                                    .              .           Ol 

Jv               W     2 
f 

i^-           ; 

<  a.           g    ^ 

nj   ^               ^      p   voob  01     •  i^o  ^  01  01  01  oc 
•i-"      SONCOCO    -voto  coco  o^oo  vn 

•vO        vO'-'Ovovoco-vO'         O\ 

•  CO        vo      •      •      •  VO    «-i   vo  vo     -'CO      •          Q 

•  q\      tx   •    •    •  rt;  q^  04  1-1    •  i-^    •       Tt; 

O  S^^J  ^ 
-J  -^        o    I      a  £ 

CO"     '    ^vO   o"vO    1^-  fx  04 

^    v8  :  vo  oc  ^' 

•  o"       "-<"    '         '  c?.  <-^  vo  co    '  co"    ! 

:  l"                        3£  :       :     ^      : 

.      .      .                              .            .         co 

!    s[-? 

S              D    l 

•  (/)    .^    ^; 

Q 

1          o 

:  :"g  :::::§:::::       ^.ss 

c    

::-•:::•  i  :                    ^-g 

00 

b£ 

.   :      :   .  .        c      :   :  .  :        <u  % 

o 

.  *j           S    •    •    •    • 

<           Q 

^K.                     "y 

.   a>             "O     *     •     '     •  ?1 

z      '   '            -  >  ^^     ^ 

2      < 

3           u 

<                DC 

tt       <    g 

ll   1 

•a     i        « 

S  m      ^ 

•  "^       •           C0      *      •  '     '            ^ 

:  u  ^     «  :   :  :  22  o 

'  13   y         -*->     1     '         O  *"" 

|J         s   ;  ill  Ml 

:      :  c  g     &      :   :-^  « 

.    rt   g         M          .     .   as   C 

§      :^1    -f      irf*'! 
3      :  ^  b     §      :  "5  bo-o 

*§        ;  buo  a      ^       ;  s,'g  c 

I'js-a    '                 '"2      *^    '  p  c       °-   .c       ^ 

^^    S  .a  a    &,.•§    rt 

*     r-    -1-1       *                            i»                    C^'1-'^                  K*  ^            ^ 

:  S  ^  :  '•  :     t=js     §,gcr&    -^'a     S 

•   _r^     *-*                •                     —  ^     O             £H     r^     <U     GJ           ^-*    C     ^             <U 

ill  id  i2  ?lu  in  s 

°  Q        « 

i--         !  c  o<      oj    '    !  '  55  V+H 

2  '^  *^  *^  S  »S  of  w  ^>       r-   cr1  J!H   *-•        "^^oj        ^ 

•-             G 

*    C             *Y^   ET     *           i   ^ 

(uT-i;5j':-iJ::i'v-,       ^      .s<u       rt      I+H'^O,     c,_, 

re 

^                       *  •  ^*     t/5             -*-*  .  ^              ^    ^     ^0 

oC                     ^^^C-Sr-^S          O'O          O 

DC 

C  c-    ;  §  '  "        w  "g  bB  §  rt  ;£ 

C^b        ^V             r-i-t-irJ.Sc«^»-il3                           r£2t-i 

^   o   '"^  *3i  B'O^l>c3P'-        OJ^GI       o 

•5 

J3  "H.3  ]^  bo'7'^  ^JH'-^^4^^^     "c3«+-i  c     'cS 

<u 

•    ^"cj^2    7frt    &f  C    ^    ^J5    ^f  J^ 

^25     x.g     ^^3  cx^-3  £      ^  °'c      ^ 

•a'S-§  i^'S's-g-g  8  S  a 

re                    sS^g.^rtGOo^.^^0 

^5fcc^2tj-^^Cl<o^-^C)"rt      ^^'^      ^ 

O  'a;    3        .SJSC'^j^QrtSitaH^         OrtC         c 

Z 

H- 

TUOHmHfeCJMHHSaH^ 

Q^fcH        PH  WOSc/lH-JPHfeSpiH       H^*             £-* 

Ip 

H  oi  co  TJ-  vo'O  txco  OA  d  >-*  oi  co 

^f  vovo       Ko6  oS  d  >-'  01  co  Tf  vovo*       txco           d 

301 


•    •    -oo    •    •    • 

10        O\        Tt- 

.  H-|    .    .    . 

S  "  •  5>  "  •"  ; 

ro        ON        ^ 

Vr                  <fr 

l.l . 

^  rt  ^2  wT  c3 

ill  111  I  OS 

h-roOHmBPHOpq£ 


t-<    <N  CO  rj- 


txOO    O\  O    M    oi   CO  rf  lOVO 


READING. 
A 

*EW  PRESENT  VALUE 
L.  TOTAL. 

302 

>-4  in  o        ""O  ON  Tf  o     •  O     •     •  O  01  i^»         •     •     •     •  <N  ON  o\    •  ON    • 

vO*  of  \o"        ON  o>i  vo          '  co    '     *  co  in  ^o                         "  ON       01     '  VQ 
T$-      01       01  oo            !         !    !       co                                     c<    *  ^f    * 

-H  10  O     •  i-^O  OO     •  O     •     •   <N  XT;  co         '     '     '     -1OONO     •  \n    •     • 

t^vO  OO      •    co  *O  co  ON     •    "^     •       •    co  O    O              ....    co  CO  '-O      •    Ol 

01           CO 

o      oo 

I   5 

$      : 

^      : 

1 

o" 
°2 
tx 

^9^ 

, 

| 

u 

Z  tf 

< 
< 

I 

5 

^  < 

-. 
a 

o  01  o      o  t~xoc           10         o  oo*  o                        "^      TJ-      o' 

co    X  •  o  oo                        ^r                   '.  N     01   ;  t^  ; 

Tf-        Ol         co  TJ-                                           ^-                                                 co       O 

&*-           '.                    '.'.'.                    '.'.'.'.                '.'.'. 

l   i 

%     : 

1   i 

«" 

UJo 

Q   '•/ 

.~ 

tx.                            <O                                                O)                                       .    »-i 

T 

^      : 

> 

-M 

<   - 

C 

CO      '                        '    -i        '                                                     ••>(                                                                ..... 

^9-  •                ;   :   :  :         .   :  .      . 

&      : 

UJ 
CO 
OC 
Ul 

T3 

I   ^ 
n    - 

£ 

00 

—> 

},u 

'      ti 

00    *  ^r   •    •  2f    co^j            ••••^    

1    •• 

> 

i. 

- 
_ 

)     ^ 

o"    '  ^r    '    '10    o"oc"            '    '    "    '  oo"    

> 

'"" 

Ul 

rr 

•j 

€/9-    '            '      '            ^                 ....           

• 

z 
^  jj 

( 

,<= 

o  S 

E 

•2 

3$  n;  •  §^vf  S,  :  ^  :  :  •  i  S  B     •  •  •  •  ;^  |  :  S  :  : 

8 
i^ 

^EVALUAT 
MARY  SHE 

z 

t 

e 

h- 

•    Z 

HH  m  O     •  i^  <^  O  O     •  O     •     •     •  'O  ^         •          '        01   CTN  O     •  »o    •     • 
OYO   '^"•co^coON-'rt''-t^Q            •            •          ONCOin-Ol-- 

5      : 
£>- 

ON 
oo 

D  CANAL  F 
SUM 

tDING. 

.  M 

.> 

^5 

10  ^f   rO     '  'O    01  -y^            '   ir,     '                c5  O*                                 O'         ^         O* 

ot^loo             ]         !!.ON            '         !                ^i1^!. 

::::::::::::::  :Z  :  :  :  :  :  s'  :  :  :  :  : 

IO 

01 

1   i 

Z 

«*. 
UJ 
QC 

i::::::^:::::::^:::,:^::::: 

C     1                                   •    co      '           •      ;     '    rt 

:•::-:*::•&:•:  i  :.     iji  ::       j     .: 

II 

j 

0 

QC 

QC 

0 
n 

:   :   :   :  S   :  :^  :   :  :   :s"  :  :  ^  :::::-::::: 
:  :  :  :^  :  :  s  :  :  :  ;g  :  -^  :  :  :  :  :  g      .  :  _ 

-^^S 

oT 

_g 

_l 

-         O      .                 ^  ^          ^    co      . 

^tn  "KT 

•§ 

QC 

Name  of  Railroad  — 

DESCRIPTION. 

:  :      :g|  :6        JIJ  :  =  |  :  :      j^g     |j|| 
':%     ill  ii       »|g  :|I  :  :      if-f    I|  1  1 

•'o            '    •£    v-      'jH                rt    bJO-T-j      '    CXu2;    co"         c/"     '    <J    O          ~    G  „ 

'  *^      !  5  -"^   •^3'"^bB:";rt:"'&'^   "^  '  rS  ^  ^  -S  c/r  H  .S  ^ 

-olllllll^H  ill  ll'Sll.sl  a  1  f|l| 

cS2--^2c°°-^--o'5^^^^2-^CrtS--° 

Total  value  of  tangible  pro; 
Value  of  sub-division  IV.  " 
maining  property,  including 

w 
rt 

CO 

_s 

'rt 

M-l 

O 

0 

^5 
"a 
> 

*r3 

"o 

{H 

*^   ^i  CO  ^  LO^O  tN»00   O\  O   *"*   ^1  co  TJ~  i-O^O         txOO   ON  0*^01  co  TJ"  i-OVO 

t^oo 

01   01 

ON 
0^ 

303 


ONtNONOOON'1-'-<O    O  01   LO  O   O   >- 

IO  -rf  M  LO  M  lONO  tN  ON  rf  OO  ON  NO  CO  <N 
ONOO  LOGO  tNOO^  O^  Ol  04  Oj\OO  ^  LO  co 00 
H-T  oo  CO  of  OO"  C*\  co  >-i  CO  "*£NO"  tfQO  O\  O" 
Mi-iONOOOlN.-^t-o004NO  Np  co  NO  NO 
tN  CM_  O^  rfOO  w  CM  NO  04  O 


C  OC  04 
O  ^  ON 
IN,  ON  LO 


ON  IN.  O  NO   tN  LO 

10  Ol  NO   t>  Tf  01 

N 


^  HI  NO  ON  TJ- 


OC 


NcT        O" 


-  \ 

OL     I 


HI 


111 


II 


<       - 

HI 

-6 
re 
o 


DN  tN  ON   O     M     01  O     O    ON   H"NO    O    CM     t-H     Tj-           O        •  OO 

-O  ^t*  i—  i   O   ON  co  ON  co  ON  ON  *—*  NO  NO   *—*   ON        l^     •   o 

•  OO   ON  O  LO  O   O   O 

•     tN    HH    VQ  NO      CO    M      O 

•  OO  NO    O   tN  O   LO  01 

1     : 

-i   co  co  ^co"  O  O  tN  LONO  O"  01  tN\o"  M         ON    '.  t^. 
-*.   *—  i  ON  *—  *  i—  <   ON  LO  i—  *   T}~  01  HH  IN,  co  t—  <  00       NO        tN, 

N.               OlHHQO                 MH-ICO            00     ^tOO 

of  >-T  co  T?                                   ~ 

e- 

'    co  ON  04    t-H    h-i    O*  OO" 
'    IN.  ^(-  Ol    I-H    O   INOO 
CM    CM    ON  Tf  tN         LO 

1  l 

3      •   LO     •    co  LO  M  NO             •      •    O\O    co     •          O      •  OO 

n 

T\;OI;T}-COOI                  ''NOCOIN.'         CO'TT 

*    LO              ' 

? 

N..       .HHLO              ;;NOOION;           ; 
x   •       •                      .    • 

9- 

NO 

O"          ; 

2)     •  10    •  NO  LO  LO  ^*          •     •  NO  NO  ^—i     •         ^    •  CD 

M"    !  -^    !  cooo"  10*0"        '.    '.  of  tN^Nirr    |       o\    '  IN 

3N       .     01         .     tN  tN   01                                         tN.   CO  NO                       LO       '    tN, 

>    .        .  ^  tN                .    .  oo  rf-Nq    ;             ; 
5  oo  ONOC  ^  "^i*  LO  ON  01  o\oo         •  o  oo      oo    •• 

.    lO     •       •                     •       • 
.    CM       .       .                     .       . 

$          • 

of 

2      <N"  M"  of  01" 

OtNOOLoOlt^oiON  ^NO      •      •  \O   rf         t-i 
>  ^o  o  04  oo  cooo  ON  ON  1-1     •     •  ON  o\       01 
3_oq  q\  co  LO  OAOO  10  co  co  co    •    •  ON  o       oi    • 
5\  cooo"  ^  T?  >-T  T?  o"  LONO"  o"    '    '  o^  M"      o"    ' 

HH-l'\O>-ITri-H^I—  (T^-(\)l-l          '          '      TfOO                 I-I 

7\         CM    i—  '  OO    CO         t-ii-ico            "_'i-i 

o       of  ~  of  co 

'    CM    LO  CM^NS^IN.  ^  CM^ 

;      HH  NO  ON  ^j-      CM 
•                              of 

•  >—  <  ON  O  LO  O  O  O 
'  of  d\  of  i-T  i-T  o"oo" 

'    co  Tt  Ol    M    O   tN.00 
Ol    ON  rf  IN,         10 

w'               co 

tN       ; 

ON 

I  i 

Ol 

•  1>     ' 

:  ^  « 

.  J£                                      o 

G 

^x 

.  .  .  w-  .  :.b<)  ..:::.:      :  .  : 

•    °    0 

:^S 

C 

l  : 


3 


w  o 
•^3   o 


.    c. 
!   rt 


ctu 
ool 


rt  cjl! 

^    (U 


-rg1 


>  <u 

OU3 

^2  d 


r3  c.g      S 


on    O 

5   | 

o 


jjj  §  Is  1 1  i.SfcS  Is  JSS  J^i 

^5     ^.H13^  So  ^^'^  g      >"o-§       >°I 


•-(    <>4   CO  rf  io\d 


tNod  d\  p  >-<  oi  co  rf  LOVO       IN.OO  o\  d 

^^HHA-jMOloiCMCMOl          ^^  04CO 


304 


D 

tj 
.>  3 

553 
co       ?o  1  vfl 

f^           «N           >r 

!-!««*• 

2 

40  !*  o 

Vr                     & 

•y^—  i 

5 

o 

^  •    .   .  .   .^  

IO 

^j 

w 

r^ 

QL 

K^     i-J 

/        ^        ^^  CA 

^? 

"  W  ^ 

&$>     '   ^              ir" 

10 

E 

§H 

^ 

^ 

UJ 

r   ^ 

0) 

? 



r 

£ 

t/2     .!* 

^  ^-  ^ 

> 

s 

•<      r 

UJ 
CO 
OC 
Uj 

X 

co 
•o 

'_>      J- 

a   *• 

H 

X'          "J 

0 

o     z 



> 

Ml 

-^       -^ 



> 

'  — 

^H  fO   " 

Ul 

QC 

•f>     _= 

Z 
2   H 

4- 

0 

o  u 

r   _s 

§• 

—    UJ 

TO 

t: 

^ 

^ 

<^0 

*~     JT 

Z 

;     -^ 

S      ^ 



w- 

<    DC 

W      S 
H     ct 

UJ   ^ 

x      ;i 

P      : 

ff 

.-     t  ^ 

^ 

".^  ^ 

t-^ 

1         3 

.      .      .     .           

^/>- 

w 

Z 

0 
Q 

Z 

o 

3 

I  " 

:::::::;:::::::!!:::::  g   :  :  :   :   : 

gj  *^  ^. 

^£ 

Z 

h 
O 

'•                               w        .    .           c 

::_::&:::      :       :":::::?::::: 

<-M  '^J 

21 

Q 

o 

Z 

_J 

'  !rj     '    '  —                     e/f        *   --j    TZ         • 

•    r'           '    ^     '                    <u                                           '   ^ 

•••>••    C       ••                     tfl                -1-        r^              .... 

=  rt 

^1     §: 

DC 

< 

•  •••g   ••««•••.  a       ,       s      -'^« 

U            'en                   '2O          w                   ...'oi                   .  ti  "S 

S^^    ^ 

_l 

<r 

-'a                  '^JS          ^cn"                                                        CC 

•    -^o    '••%    '•       '.2^     .Sj   :   •       :   :-o     +j  :cp 

c.H  be      « 

02    _C         ^ 

N.00*  ON  O   ^   C*i  ro  rf  ir>O         £-°^   ^  ^   ^  ^'  ^  ^  "^^ 


305 


3    33 

VO        O       VO 

Q       -^  ^    ^ 

tv'cTc^      ci-^-io      <N;;V^T       ;    *.    I    I  co 

a  to  j_,  g  4/3- 

1-1                           .    .            .... 

W           w- 

^        .5  PH 

2    I 

_j    £ 

tx    •  co  ON  1-1  OO  ON  ON  0<  HH     •     •  04                          •  CM 



1O 

vo 
tx. 

.^  jjj  S 

E     ^H 

ON  ;  vo  I-H         >-*             "   '          ;   ?  .'   ; 

M                                           .                        .... 



1 

UJ       > 

• 

C      **  rir?    ' 

^ 

""*       r£\ 

^ 

£          CO    ,*^    W     ' 
£           C/)<3-^  «/3-     * 
S-            jj           <*.       ^ 

.'   '.   :  "t  :   :   :  :   :  of  :   :   :      :::::: 

0 
•9- 

U       £      J    S        ; 
S      :      a   l 

UJ                  r!      .  10   . 

">         o        o     1  *%   ' 

•   •  •  Tt  t^  •   •   •      

^ 

>          —         O    ^    of    ; 

\O                     *        ^^ 

"t 

CO 

111             *"           U3       51 

</5- 

UJ                                                  Q.                                                        |                              "2 

Z                                    « 

.0         l 
Z  H-    <u         r    3  3"? 

• 

rt 

2  a  §       |  aa 

^  :  ^8  c^  ^  &  2  ^  2"  :   :   :  "&      '•  *   :  •  ^o  ^ 

CM 
1O 

t~C.o^rxMTfvo                    .NO                          .^ 
ON       10  ^             ^ 



i? 

<    </)                       CM  g  £9- 

>-                                ...                .... 

CO 

m- 

<    DC                g     «t 

-1*   "^                ^      <    3"  T^ 

111    5:                   2i        §     O    CM 

g  :#  §&£!£!•  :  :  :§           :  :|R 

g 

i*  M  I* 

<           z 

0              D 

1      8        M 

r^x     .   Tj*  t^x        ro^O  tx                      .   ON                               ^^^ 

::::::::::::  :^  :::::- 

^.  •:-  :  :  :  :  :  :TI  •  I  :  -:  :  a 

.  :   :  .  :  £  ..:.:::  o  :   .  .   .  :  5 

j§ 

<            Z 

<    i     M 

••„••§)  M  2 
:  :^  .  :-s  .:::•:  :^  :   .   :   :  .  c 

•^   rt           ' 

»    J>  C|H             i> 

g                HI 

*   -  £      - 

.  .  . 

•*->'   <L>  ^£3            O 

5          m            : 

u        .  •»    I        !  !2  o       **    w   I    .    I    I    I  « 

•      •      •    C    G 

RAI 
Name  of  Railroad  — 

DESCRIPTION. 

Land,  

Clearing  and  grubbing,  .  .  . 

*2  g     -          -.2^    ^^   •   •   :      :^ 

^jO          ^n                 *  T!   S         —  'o-''                C 

:  45.5     <u  RJ  :  :  :     «r  «» 

c«2        wT                 •>  00    .  O         •     •     •        w 

S  S       *0                ^^G        o          .-.         «-  ^ 
rti         b              ^^^43^            •              j=0 
^  ^        2              c3   bfir^j        P«+4  «T    ,  o»        y  O 

9  1    ^       .I'S  S  J-3  Q  §  "S  1     S  c 
•S  s    ^h2     w^     "jScS-s^wb 

G            *3  e           T5x^ajri3-*-'O'nj-' 
,S   (/)        -*->.|i;         en   g   bJD--<    J5               Q<  ^_,   Q   ^   r^ 

^""aj'^         UrtbCQaJ-S      ,  rt   lyT^    c/?  'fi,  oi   o  'r< 
2               *S          ^  S}'S    G    aj  -^    CH  *^  '  —  '    2    bC'^1    <u    r-    ^ 

'5  Jff  «T  3  bfl  ^'M  y  ^  bfi^  m  ^c^-^r:  o'S^  g 

Ilia-i1^lllts|lli|.sla 

rtC;2n3Coo-^.^(/)<->o'  —  'iH^Goj^.rt^ 

O^—  ifQ^feOffll^r^P-lC/iC^-HH—  1          P-lpLjO^C/} 

Locomotives,  
Passenger  train  equipment, 
Freight  train  equipment,  .  .  . 
Miscellaneous  road  equipme 
Floating  or  marine  equipme 

Total  value  of  tangible  prop 
Value  of  sub-division  IV.  _"' 
maining  property,  including 

Total  value  of  all  items  as  ; 

M     M 

c~O  Tf  IONO  t^xOO  ON  O   M   CM  co  Tt"  10^0         txOO   ON  O   w 

(\)    CO  ^"  1-O\O 

txOO               C 

2 

D  E:  s 

306 


no      I 

^ 

^J 

"4 

•Q 

*>      9 

^   i-T 

^O 

10 

Tj~   tx 

!         !    '     '  w     I    '.    '. 

tx       <X 

Q* 

•  ^  •< 

01      * 

HH 

10          tN 

c 

^  ^    O 

^9-    . 

W^-H 

• 

DC 

on 

W 

, 

< 

W 

08  : 

10 

M     LO 

C^    <N 

.J-     .      .      .v|     .      .     . 

§•  

01 

oo 

III   L 

"w^ 

^  • 

00"  10 

:      :   :   :  <^  :   :   : 

s^ 

W-     . 

&• 

<; 

" 

. 

LU 

^ 

• 

s 

.Q 

o> 

•3 

fc 

'j 

OTJ--*- 

;  (N 

CS      .      .      . 

^ 

^ 

r<          S 

s^ 

In 

HI 
CO 

DC 
111 

CO 

T> 

^          ^ 

ffi 

^          -J 

^O 

0 

5      S 

•  \o 

O 

^o*1 

^, 

C 

;    SE 

•    CO 

^    •     •     - 

o" 

^> 

•— 

0 

-M  <a 

fj^ 

III 

0 

5    s 

rr 

Z 
7^ 

1-' 

*© 

CL> 

O 

E 

r   s 

\O      • 

^r 

roOO 

Tt        

« 

u. 

LJ 

ro 

^ 

VO"     ' 

IO 

cs" 

< 

CO 

Z 

cvj- 

W-     ' 

•-1 

-> 

_l 
< 

> 

DC 

(a 

e 

0 

II 

f*T 

^ 

^* 

o 

^V'  ^T 

Q 

^o 

fY* 

«£ 

00      • 

01  O 

.  oo"    



M 

D 

LJ      r^ 

£}   • 

'    ; 

00  01 

i 

< 

Z 

0 

CO 

UJ 

Q 

1 

Q 

Q 

<u 

cu     

•  £  (J 

•     •     •  (J     • 

en 

:  g   !*.•''''!  ^ 

c        .... 

•  ^n  '? 

*•£ 

Z 

^     • 

•     fcjr,      

c        .... 

:  eu  y 

Q 

. 

cu          .... 

•   3   rt 

0 

z 

UJ 

cu     . 

:^          :   :§  :   :  2 

:  :  :   :  :  3      :  :  :  : 

RAILR 

BERG 

§ 

u 

]  -M                 .'   O  *~*         C    cj 
)   "3fl                 !  "c^    C        '    '  "^ 

*  t/r          *  "in  5/D      c  *^ 

:::::&:::  g^ 

*    QJ    0,; 

:     :     "§    •£  :IS 

en"  rt        cu     -  S"  a 

CU                               C     ±i       r- 

ft 

Name  of  Railroad  — 

DESCRIPTI 

dc 

1 

J_f 

b£ 

^3 
rt 
bJG 

c 

f§ 

^ 

^40 

o 

IT 

*°  £ 

rt  ^ 

O^ 

Bridges,  retaining  wall 
Track  and  its  appurten 

:*H        ^r-  S     ^  JH 

•  bb   •       §j'S  c    ^^  £ 

:^  bib    '"***  «:8^S  i 

•  u   rS   b/0  Q  rt  -C         rt  oft. 
•     ^CCoj.'C'T3_,cu^ 
,  S,  SrS   C  a;  -3  g  *&3   * 
be  c'"5^^  £?,o       ^B  "* 
S'.Sjd-rl3  S  ^  E5  b/j'X'1 

^Sg^-^o-o^S? 
cut-^-p^aj^Ocu^ 

l^OPQh-^CMt/^QHH 

:   :  •     5-B    •9'18'g' 
g^^     ^2     g.^« 

-  4-i   C         JI              cu*r;   rt  C 

3|-Ssf*£?    ct£'S 

^3^0    w    -          '§     r-    OT    E 

/"      '^±i^'-"wr;.5:-; 

i            Kr   rt    Q     •—  '     CU            rr^OJ-i 

«   8)5^  cl-  feS  C  ° 

^  ,_  cj'cu^  g"o   b/;^^  b£ 

2^'£c^^Ss  ^ij  -5 

5  4-i   tj  •  "   cu    Cu  o    cn.i^cu   rt 
«  C   a;   rt.w   C   cu   en   a;^  g 

Total  value  of  tangible 
Value  of  sub-division  I 
maining  property,  incl 

n    01 

co  r 

•  io^O 

tAod    C^  O    M    01   CO  Tt  i-OMD 

Kod  cjS  p  "-H  oi  co  ^i-  IOMD" 

01    <N 

^ 

tN. 

10 

CO 

&- 


307 


\O  w 
TTOO 
ON  tx 


£8 

10  M 

vcTcf 


3S 

0  co 


5  I 


Z  H 
O  UJ 


-i  > 

<    DC 
>    < 


_l  D 
<   (0 

Z 

O 

Q 


CALDWELL  RAILWAY. 

—MAIN  STEM  —  ^  ,  SECOND  CI,ASS  

Value  New.  Present  Value.  Value'  New.  Present  'Valu 
Land.  <£<M  TCC  <£^*  rr-r-  &~  „  a*~ 

I::!:.:::: 

-o    

•      -coo--        VO     •     •     •  A     

f)-         '.''.''"' 

1     ;  ;  :  ;  ;  ; 

H-              Tj-      .        .        .    0<        
•'     ^  :  :  :£  :::::: 

AI  .  ,  11  •  T""f»»;jJ  T^H-)XOO  «P 

Clearing  and  grubbing,  748  748 
Graduation.  ?A  T™  <?A  T™ 

I 

H 

f 

5 

f 

CO 

"c3 

c 

^ 

O     HH 

MD      H- 

O\  tx 

g  - 

1      •§  :           § 

Bridges,  retaining  walls  and  culverts, 
Track  and  its  appurtenances,  
Fencing,  , 

.M 

'co 

GJ 
-^ 

8T 

13 
u 

^  bio 
ij  c 
cts^; 

|l| 

0   0  1 

uS.5 

c 

ty(                                                                                                 Q^ 

en"                                                t! 

<u              as                             3 

2          is                       o. 
«f  o       wT                          91             ^r  +J- 

S  ^      £  «r                                 s  c 

O                   C    CJ                                     '  __.                           <L)    <U 

7^      fll            *  ^*.  <  —  f                                               *  ^^              jj               f-J      r-t 

rt   G             -9                           «  S         G         g   fa 

-M-^              1)^3                                        1/1^3              D^GiCLi 

^"c    §"          2«    s«'!a 
^^^   ^  b          3-3  .^^^^ 

oj  bX)—-j        CS-M-H  c/T       ^       u  O        3  c 

111  Jill  It  S^  "|1| 

§ii-ii*"l.r|g|  ifgi 
lPW|1illlllrJ|s 

J3     v*     "     rrt     CX^Q     l-i     "W'—  '  ^     C     03  'J     (U    -M     G 

J«  oO^Q  ™rtrt+JJ-|oaJn3£obJO^_>cl3':iC 

lililPllllllilll 

S£KQ££    SSoS35,3££SE 

:Sg 

"rt«4H 


r«  c.s     c 


I-H  <N  co  TJ-  ir)\o  txod  ds  c5  i-I  04  ro  rj-  invd      KCO  d\  o  M  oi  <o 


308 


V 

p 
>J 

<    ; 

RAILROAD. 

6. 

NEW  PRESENT  \ 
AL.  TOTAI 

00 

s 

O      •      •    co     
ON     •       •    S.     

•  i-T    •     •  O\    '     '                                                              

iu 

DC 
Hi 

u5«S 
SH 

> 

oo 

M 

•  •  co  •;:::::::      .  :  :  

a  - 


5     I 


oad  Sys 


f  |  ft  :  : 

^  ~~  :  : 

:  :^  :::::::::      ::::::::::: 

(XlTl-s^       "3-      .        . 

S  S*  :  : 

o     8! 

Q   *< 
||5i: 

U^>           r-       •         • 

.      .ro     

WM^    ^    .     . 

fj*ii 

•  :  ^  :::::::::      ::::::::::: 

z  h-  o        r  •  Si-  * 

0  £  §      H 

•  R  •  •  vS5  

$£  s    s^3 

D 

-1   >•               g      £ 

>   <               S     ^    ^ 
UJ    ^             .    *       $    0 

n-    ^          s.   5     >  °°, 

•  o  •   •  g  ••••:•;:::: 

^             O    ^|T^     3 

-ID          C     1       a  ^ 

1  w     5      § 

5       ^ 
1      s       ; 

RAILROAD  / 

Name  of  Railroad  — 
DOCKS  CONNECT! 

DESCRIPTION  . 

.snH 

:  :  :  *  '•  :.£?                                :        1     : 
:::€::;      :  :  :  „-  :  :-£      —  •  -t;  

1.§  '  %           '•§  2     —3                 '*§      G"     S  S 

rt  c        b/)                 5.S        <u^                        «rt        I4J>*SI.S< 

b£          ^  ]  C      '•^              »>  .j  C        o                          i^  »—  <       cii  o  ^  c^ 

C                 Oj^           1-                ^^H^rC'1"1                              4lJO'"rJ<L'iJ 

3          ^  b      3         3.^^      &^  «"  -^f      y  2      &  at3  <u 

'S                h/l  QJ         &C               M"    ^        ^^CC"^^          ^                Qj'^oJC 

%  w 

•  <u  c 

•  3  £ 


Iri 


•-a  c  s 

'bc.o  ~ 


Oj  <-M      S 

>   O-p 


•s    ^ 


tN.00   ON  O    M   o 


o 

a> 

'rt 

rt 

"o 

H 

« 


309 


D       
ij       

•      •      •      •            Q    O    Q    QOO   C<1 
in  o  "^)~  o  O\v> 

1 

o^i     ;        ii   ; 

^  ^2  °    :   '   '   :   : 

'          '          '          '.                     •          •          •          •          •  y$.\Q     ir>\Q     ^j-    V\ 

.     '.     '.     moo  ^t       <N 

m 

vo 

\N 

DC        % 

-i     £ 

2  junnmim 

in  in  of  vo  O^oo 

OQ 

^ 

CO 

oo- 

s-fl  iii.jT  M-  jji 

UJ       > 

'  -ee-  <N  vo  oo  txoo 
OO  r\i  vo        m 
i-T            co 

1 

£9- 

\ 

« 

o 

)  A 

^ 

<u 

y 

irj-s. 

> 

•s 

< 

J      ^ 

UJ 
CO 

DC 
UJ 

H 
t 

c 

2 

>       Z 
IX, 

-s 
^ 

0 

C 

(J 

I1 

UJ 

Z 

J_' 

ro 
DC 

0 

0 

JW  * 

[B 

2 

'     s 

o 

lil 

£ 

•  to  o  ^  o  ^  in 

^ 

1- 

111 

ro 

^ 

^  >-^oo"  tx  t^  in 

m      co 

< 

JL 

tr\ 

Z 

CVJ  ~ 

^^g)  QQ3^    ^    $ 

VO         co 

D 
_l 
< 
> 
UJ 

MARY  J 

£ 

& 

u 

2 

llj  " 

1    * 
5  * 

5  1! 

rf       <* 
<& 

k 
CO 

_l 

^ 

D 
(/) 

UJ   * 

0)   * 

Ht 

.     '     in  in  ^  vo"  OCC 

00 

Z 

< 

0 

CO 

HI 

J 

t1 

& 

n 

Q 

(U      $      

:*-vg 

2 

< 

:::::::  ^  :,::::  :"§:::::  «  :  :  :  :  : 

<{ 

U 

;»  a, 

cc 

••••„••  be  *.   '   •  c   '   '   '   :   • 

ft§ 

G 

'  v  :  'T-I  :  :  •  :  <*>  '  ' 

:—  & 

O 

< 

•   •  •   •  ±T  •   •  g   •   •   •  •  •  S   •   •  :£   o,  

>,  <uP4 

DC 

•    •    •    «rg    •    •  e«    •    •    •    .»  a        ^•M    B'  I    "    I    -   . 

•  •  •  •  •  «  1  :  .  *  :  .  :  :  •  g  _§     g  .:::::«:::  -g  -g 

?'ap^ 

:  :-os    1  :  :  :§       8tf  :  :  :  :  :.«s     P  :|§ 

9-^ 

< 

DC 

Name  of  Railroad  — 

cc 

UJ 

DESCRIPTION. 

:        S|     &:      :||    jj  j  j  i  :  J     |j|| 

°Q              ^  J-<         cti     •         pj   5o__.         &^  en"        c«-        o   O         J3   C 
•^                     3         =*         C'"^3         ^c/joJc/T'1-'       '  3  •'"'         oHCXTt3<li 
J3            b/D  d<       be    •        be  J^  jrt     •^'aj  C  C  "*"*  ^        *-"     -       <u*^  ^.£ 

illllif  ii|l  liil!  sllilll  Iff! 

.  Total  value  of  tangible  prc 
.  Value  of  materials  and  si 
for  use  in  maintenance  o 

5  txOO   O\  O   M    W   CO  ^f  irjvd         K.OO   oS  6   >-< 


310 


iO     •    fO 


*>  I-J 
a«>: 


< 

O 
K 

-J      0< 

<       * 

*   &i 

Ujrig! 

UJ       > 


IH       >-( 

O  -6A- 


OO  00 
tx  O 


oo4 


q 

i 

x 
w 

73 

(C 
O 

=  ° 

'fO 

QC 


•S  I 


.^ 
m^f^ 

S  1 
d| 

§| 

£«^ 


ATION. 
SHEET. 


_i  > 

<  a: 
>  < 

LU 

DC 


STEM 
2 

Present  V 


:w< 

•  tv.  O 


RAILROAD  AND  CANAL 
SUMM 


s   ^ 

^!^ 

|«. 


1-1  •  O  •  01  J^x 
vo  -co  •  ON  ON 
O  •  CO  •  fO  ON 


11 

w    bfl 


train  equipme 
ain  equipment, 
ous  road  equipmen 
r  marine  equipmen 


r 
r 


asseng 
reight 
iscella 
oating 


KOOO\0    ^Ojco-f^,^         J^X    0,0    M    N^^UO^ 


,3 


rg* 

-   •*  <u 


gfjf 

fe>l 

2JMT! 

3  c  e 

"bco": 
G'So   >> 

-:s? 

M-IT3     CH 

°^2 

«  s  a 

^  "  bfl 

rt  M-I   c 
>   o-g 

^  i>.5 

rt  5  rt 


.  ..  ^B^        O  «  C 

[(^fe^pH       H> 


3      iX 
'      >  3   t$ 

OO^VO^  ^  to  H- 

04"  oo"  i-T  04"  o 
CO  co  ON  TJ- 

'OO*       vO'TtOviO       OO"     '   ON     '   T?  Tt    

'    I-H          O4tOTt               i-i'Tt'c^co'''' 

T^            S 

VO"         c- 

cr     a 

,  1 

tog  g  vq^ 

.HH               COHHTt                                    .                   ;               ^         •         •         ^         '         • 

ir,         u 

0      S^  <£ 
DC       H 

-J         PH 

^5. 

*& 

<      £      o 

O\ 

GC                             H?       hi              ^^ 

00  to  co  OOC 

O      •   Os'O   04   TtOO   OA        04      •  to     •  txOO      

O-f 

UJ  tn«|^ 

^^^ 

M      '  O         to  of  COVO         O      '  t^     '  toOO"     
I   M          04   C    04                CO     '   IX     '   Tt  VH      

HI          Tt  COOO                                     '    t-T  04      

04 

v^T 

DC        i       to 
,5      </}. 



^ 

UJ       > 

•«-                       /-     <a    co 

s     i     fig 

S(O      •••O4O004                04-OO-K     

00 

E       rt  >  3 

.   .    .vo"Ttd\        oo"!d\;co.''*'; 

o" 

sT        «        £*"s  oo 

04    to  Tt                  M            Tt          OS 

?•          *;         <      r  °4. 

I  1  3|3 

^      •      i    g  S 

•)  to     •      •      •  VO   Q  00              OO-OQ-tx     

i 

& 

g      o    s  o; 

£           ±          0    _S>    ^ 

UJ         ,5        J}00  s  OD" 

7          DC            I      -2    ,-f 

!   ON  O    0 

'.    ;    ;  Tt  cooo               i        i  M    ;    ;    ;    ;    ;    ; 

H 

1 

t!        I    £«• 

Z   1-    o>           r     ^  oo 

9    °    ^   S 

<«- 

tx 

O  ui   £             -^   o 

^    Ul    rt                 ^    ^ 

OO  vo  vO  to 

.   .  ^  ro      •   •*      :   .   :   .  K^ON  •   '   '   '   • 

CO 
04 

H-    T    Z                   ^    fi 

04  00"  O"  N 

.    .00"           .    .  to       .    .    .'    .  M  Tt   ;    •    •    •    . 

^O 

<S                l^-^cg 

M   to  04   i-< 

01 

D                    S      £  ««- 

•^ 

-1  > 

<s     %  * 
iu£      &  B^ 

tt  1             <   -^   d 

-J  D             **"  ^  fS 

00  to  to  O\ 

.0                .  vo                       of  oo        ' 

» 

| 

<  co     >:  1    |  w- 
z         z  \    £ 
<         < 

0                Q.     l 
Q 
Z              °- 
<               ° 

.....::  :  <3  :  :  :  :  :  g  :  :  :  :  : 
-::::;•  •'S   •;•;•  o   

52.                    o':c  

E     i  «     *    .  ;L     I       «9  . 

4 

Q              ^ 

<          o     . 
o         o 
S          Q 

_i 

•  -^     ' 

!  o 

..SP  ..:::.:      :  .  :  :  :  c  :  :  :  :  : 

««     '^      ^     

rrt          '                    '          '      W         *          '      W          .--...      ^          

c  .  .      :  <D  :  ;  ^  ;  ;  •   •  •  3  
S  •  :      -     ^  :•    -t         r      :  g,      : 

%  '•     i'tfj  if*       :     :  ^     :    S^" 

"S^- 

>u" 
1 

RAI 

Name  of  Railroad  — 
LONG 

DESCRIPTION. 
Land,  

Copartner  anrl  DTnbbino" 

Graduation,  
Tunnels,  
Bridges,  retaining  walls  and 
Track  and  its  appurtenances 
T*Vnrino- 

*•  .      r  c                          •  _  ,      „    <u  cj 

6:    '    =11  :~1        :     J     £  .11 

«T    .           w  b/o   .  c  -M            ;       <u           c  -y'S'S 

i  -fiSiis,  •  li  ilf! 

C  "r!   r-         ^inajw*-1         3              C71  &T3  <u 

*  •     »S  §•„-•»  S  c-ss     S.    ^-g^s 

il  !;^|liii!^i  1^:1 

J  S^M    Cj    °^    b£^    a3rt^"'~>r-'O<I-)C^gob/)^_)r^^' 

ll|jll|fl§ilijlll|lj 

Total  value  of  tangible  prop 
Value  of  sub-division  IV.  '"I 
maining  property,  including 

rt 
to 

(U 

o 

3 

1 

I-H      0 

1    CO  Tt  toO    1> 

xCO'   O  ,  O   t-i   O4  co  Tt  tr.vd         1X00   O\  O   >-i   O4'  co  Tt  tovo 

JxOC 

9> 

3I2 


§;• 


•  01   04  in 

•  ON  ON  Tj- 

•  co  co  Tf 


2  N   :  s  ;  "">  r^  ; 

5    10    .  ON    .  t-i  o     . 


u5«o    £ 
S^1  W- 


I  fc  :<£  : 


\O    '     >->      •      •      •  GO   CO     • 
10        ON    •     •     •  CO 
(-T       of    '     '     ' 


•s      I 


O  u] 


3 

O 
0 

z 


br. 


s§ 

bC'-M 

•s§ 


|5 

03   C 

C/2     f^ 


SJ-g 

wf  vT  ctf 

S&K 


^  bo 


C 
•j3  a 

rt.S 
to' Sc 


r  jj  In 

1  :li? 

!.£ 

|>§     :     : 

:  tl 

CO     '      • 

5°   :   :   :   :   : 

H* 

fH          ^ 

M         '     CO   HH 

ON     .  00  lx 

:        !  i 

•    : 

:  :  :  :  : 

C/2       ^ 

•1     :R? 

•  in 

•    04   01      •      • 

:83  :  : 

1* 

•    to 

^  :.  : 

01    O      
CO   co     
CO            

"  i-T       in  M 

0? 

0$      * 

'CO            '      * 

1    |£ 

.  "-1  ^ 

; 

; 

;     ; 

;     ;     •     ;     ; 

.     .     .     .  <u     .     . 

:  :  :  «  

:  :  :  g  :  :  :  :  : 

en      '      •      • 

::::•::&::: 

•  :  •  :  a  :  : 

:  :  :  5  .  :  :  :  : 

rt  "bfl^-j          CX^    tfT     ^  tn" 

l-gs^SS^I 


a 

^->    O 

•icc's^g'^^^rt  SS  > 

gt^lJP'tl-^ 

§'»^-S^  §  o.^'  gil'SaS.g 


I 


I 

Q<  O^ 

<u  '^3 


P. S3  »J3.S 


U2    r-    C 

•' 


^  S 
"S 

o  CL 

^  o 


f  23 

*rt  ^3  *rt 

-M  i— l     C 


ON  6 


txOO  ON 


313 


T-  ^-  <ii 

5       1        f  l 

"~         £        ^  A 


Z  H 


D 

_J  >• 

<  DC 

>  < 


111 
CO 
DC 
111 

^ 

§  Z 


CM  in  1000  co 

' 


* 

o\ 


to  to  O  O  O 

CN  ^x  O   Q   O 

tS.  10  8*    tN. 


f^^gplJ' 

Kof^ 


1*5 

O 

10        O\ 


VO 
N 


VQ  i-^  tx  ^o  ON  co  co 
C5  co  rf  tovO  to  to 

Tj  Tf  CN   1J2  1OOO    CO 

CN"OO"      o  tx  to  i-T 


•  oo  oo 

•  co  vO 

1    CO  IO 

tx  Ci 


ining  walls  and  c 
s  appurtenances,  . 


be 


O      '    co" 


. 

" 


I-H  Vp 
^-04 


^^ 

>>  f^  <L> 


, 

S  §  oH 

S  S  2^ 

.feft  a  • 

II'H  1^ 

S^ft-oa;  bc.2' 

<U--   C3   C  5   co 


^ 


z-v 

c    . 


T3 

9g 

g'§J2  «rt  bc^ 
^•5  3  <u  CL>       cj.s       o 

-5  g-g  g^-S  u  L^^T: 
cSpJS-Sj"co5iJ 

rt^VnptH   VH<ut,r-=!ti 
h4CJOHPQ^feOmh5 

M   CN   co  rj-  toMD  KOO   C\  O   M   CN  co  Tt-  tovd         t^OO   O\  6   M   CN  co  rf  iO\o'         txOO 
MhHhHi-iMMh-i          ^Mi-HCNCNCNCNCNCNCN          CNCN 


jPl^lo     |«S     I 


w        M  vo  04 
U         to  >-<    01 


'SI 


3 


Ol  O 


O    M 
5^ 


rOTT  O 
to  to  I-H 
tO  Tf 


3   Tf  t^x 

}  Q  ^ 

>\B     HH 


CO   Tf  t^x   fl 
10 


O\  to 
to  co 

^O 

IO    M 

Ol 


Z   h 

o  m 
-  QJ 


-i  >- 

<   DC 


r      ^    10 
*    S 

N 

8 

.:  :  §  :  : 

•       •      •   lO  Q 

•    •    •  o)  o 

•    •       o 

to    

o  .£  S 

d^«^ 

N 

.     !  "£    '.     '. 

:  :  :  °  °? 

.      .      .0,0 

:  :     ~ 

'  o   •;:::: 

u 

3  i» 

H              S)        f\l 

cq 

OJ 

::*:;: 

•      •      -00    <N 

|  :::::: 

}      ^    c^ 
;    ^  * 

&%& 

o 

01 

;  i  ^  i  : 

;  ;s°°" 

•     •       -r 

^  :;;:;; 

I  2 

3    ^^ 

3  5"S 

W^    ^ 

s 

J  ^ 
»  Ix 

o\ 

XO 

sl"? 

10   Tf 

§  :  *  • 

**5  I    I    * 

$    <8 

oo^      of 

to  co    
<N    0      

\o  M~  :  :  :  :  : 

1^ 
5  ^ 

!    j&1 

^  •'t 

rovo  tx  I-H 
10  o\  txoo 

10    W     M     Tf 

to    •    .    . 

8      :  : 

\O         tx 
<^        % 

OMO    

5,5  :   :   :   :   : 

j   •-?;   o  ^ 

>  1^. 

\O   O^        xo 

N?"      i   ' 

~          PO 

oo  HH*  :  ;  :  :  : 

•^-•^ 
$& 

a\ 
m 

^vg         " 

^      •  • 

O  < 

o  o- 

z  ^ 

uj  < 

cc 
o 

Q 

Z 


g 


b£ 


be  a, 


g)    : 


a!   G 
"K'bc 


C   <u 


OJ    "     r, 

:  ^  L^ 


— '  ^2    ;    ;    ; 

q_)    Cj       t       _       * 

0<£  tn"    ^  w 
<U    co   a;    en  •£ 

'"all" 


rt  *> 


e  G  s 


iss 

.  a  a 
J'5'3 


•^   aJ  C         ^  'j"-  J_j'      • — > 
3.  o  -.-1         ^'C1    u,       *^i- 


*  ill  § 


. 

J^  C  rt  •  r; 
^  o  <u  rt  g  o 


-      C   ^      r?      ? 

u   G  T1   F0   G 


M   M  ro  •*  10VO 


.  O   "-H 


co  ^t  vovO         txOO 


J^ 


{3  HH          .      M 


Ul 

z 

Z  H 


-J    > 

<  cc 

i 


Z 
Z  < 

s| 

I-  O 
CO  O 


§s 

<H  I 
J~ 

UJ   o 

s£ 
Si 

I  ^  ^ 

ilg 

8g§ 

2§ 


0  S 
IS 


IN 
N 

tx. 

10 

•£ 
£• 


\^ 


vo 

3; 


•vo 

•VO 


b£    • 

T3 

.  5g 

•  bjc'-n 
1-S  Sis 


o 

•g  £ 

ri  £ 

trt  ^5 


to  o 

~ 


006 

(H     ?f 


.    ICC 
.    r/^v 

00 


O\  O 
Of  w 

^  o 


if 


rj   O 

o  q 


- 


C    • 

V  -M" 

di  53 


rt  t  .5  rs  C 


rtJX   «-.    53 


O   rt   k.Ms4 


00> 
l/V 

1 


1^» 

I 


>i         <U  > 

*Z-5  £ 

p ;    pH          tjO  C3- 

g3  .5  w 


a  53  cr  cr     •*' 
sr  e  5  «     *& 


4J    -    (^ 

^  OT  be 


16 


Q       « 

W         O  ON  t-O     *    O\  ro  ^OVO         l~xCO    O 

>4      vo  ^t~^o    •  oo  co  *>s  rx      vo  vo  ^    • 
^  4  ocT      to    *  rood*      o\      of      i>x    i 

;|  |;;  p;   jjilll  i 

< 

*z  ^   ^f$~ 

o 

DC 

_l 
< 

DC 

5> 

• 

M 

P-i 
..„         Q   ON  u~)     •   co  O   CO^O         O   ^O  tx     • 
^O   ON  10     •   coco   *•**   O         ON  ONOO 

'  tx       ^O\     '      '         ix  S\                 '      '           1    ^ 

Ul         u 

E 

^  ^   OO          ^O         Tj~  c-^    »-H    ro         10  HH  OO 
•J  w  g     -^       00      ',   coO         ^                    ^O     I 

:  K    «"  :  :     cf            :           ^ 

i^ 

.    .                                       ^e- 

T— 

UJ 

1 

r     ^o\      ^o-ojo    o- 
•^in     CS-'^S    \2    ' 

.  .     g   ...  o  .......     5 

0     •     •     •  ^.    00 

E 

>"* 

1           < 

2"*t:  ^                                                     •   ^"    • 

09- 

UJ 
<0 
DC 
Ul 

1         E 

-o         E 

)             j^ 

-9 
> 

«         ^ 

8          ? 

5       g    ^       00.     -vO   co    00     . 

}  .^  $         :     rf'j'  j  •  i  iv?  • 

:  :     8:  :  :  :  ^  ::::::  M?      :      : 

of    •    •    •  M"    £? 

UJ 

Z 
Z  H 

a     fe 

•5 

<u 

•^ 

^  vR  2^  O    •  r^  co  co^o       rxop    •    • 

.    «/*• 

o  uJ 

g 

^  ^S  5\  Jx    •  ONTt-voCO        yO     -     • 

B^^l-i-l       -tOONlXtX         VO^O       •       • 

:  8v      •  •  '•  '•  o  Q  •  •  •  '•  '•    ^ 

t  z 

5 

^    w         ^        co^O         O\        OJ 
.^     [^         00      '    01    IO 

I1"     :•:::•*     :':::":% 

2j      & 

J 

jCMs  f*                 .         «                                      .      . 

£9- 

<    CC 

d 
f- 
c/ 

I      s 

;  ^ 

<M                                        n    r~>                                               ^ 

•^     ^ 

£ 

•  vo  2j  Q     *  i™1  ^^  ^^'^^        52  t?         * 

•  Q  Q    co 

UJ    *£ 

5          S9>^-M-TtMOON           MM'        . 

-I  3 

Ul  £ 
rf) 

i^!    ^  ^1"-     ""  '•  '• 

:K      ::::"      :::::£ 

<  tf> 

Z 

o 

0 

Z 

COMPANY 
-  NEW  JER, 

2                      *                    ">               ...                            <jj  *•  ^ 

•js  ;              •  (u   •                      uc  <u 
•   •  rt   o   <f> 

:  :  «  :  :  :   :  :  g  :  :  :  :  :        o^g 

Q 
0 

cc 

s° 

0 

DC 

:  :  :  :  fe  :  :  -o  :  :  :   :  g 

•     •     •     •  J>     •     •   C     •     •     *f     •   w 

.  *  o           en                22  o 

:  :M  :  :  :   :  :  g  :  :  :  :  :      :§  g      : 
:  :  ^  :  :  :  :  :  b  :  :  :  :  :      "§4:     j 
;•£;•               '.  o<  ".   '   1   '   '      >,^v      > 
-                                      !    «  «     ti  22.J3      C 

w                             !  is  ti     h  -"fi  **    * 

1 

;         -     w           c  jn 

<u   of    :                                              C   C         ^p_,   v.,        r 

Name  of  Railroad  — 
NORTHERN  RAI 

:        *«  £     £          :.2^ 

!?'            •             rt  C                        •  5  .  S 
c«  rt         yf                   w)   tuo 

S          c'          ^|       "S           jg£S 
3        IS            ^1^3            rt  bO'uJ 

|     |       bo  |    *>  •    a  g  c 
S     &      •§  ^  ^  bB  -s^  M 

_             -S    co        C.S         M  ^    fa£ 
cr3-*->          a!,  —  i.-jj^C 

«  §    :  £-0      ^-|.S  8  ^.2 

I14i||.l!l|P 

lHl|l'il11.P& 

rtJ=.v-'3»-<!-'<ui_i--=<e'J3rtjr! 

i-roOHw^feom^^ifMai 

•.BJJ    •                •  *o      .t-T   •  a  c       o-     c       ^ 

;~-s  ••       „-§   §  j.1.1  ^^    d 

ilb  :         If    .11  &l   3"1    I 

illlVI  g2   l-h.s.'lli  = 
tf*gisi**j5  css'g  2:ss   « 

^'TD-^U'T;0'1-'            OJ          •'-:<U            JS          MH-SCU         MH 

al  .  ,  ^ss  l^^cs5    °2e    ° 

r,        '^o  %~bn$  &  ~  v  *-"£  o  ^        <u  s  a,       <u 

^^ga^s^-s^Ss0  !MJ»  i 

rt  £5^^.^^^  S  o  %>~3  c      >*o-§      > 

S&!ljfi.s  "3  a  §!.'§'§'•§   73  si    ^ 

8-SSrt.S^2-^^8^^-4^      o^S     -g 
2){-ic-i     ewwo^aiaf^feSta     ^<>        H 
1                 ... 

I-H   oi  CO  •«$•  i/)O  txOO   ON  O   M   OJ  co 

TJ-  LO\O         IxOO   ON  O    ^   04  co  ^  iO\O         IxCO               O> 

3*7 


HH     ^    Tf 
t>.    HH      CO 

01  co\O 


SH  £ 

>    <» 


5   c*   • 


T~  r    ^  o\ 

S|  •§  $ 

T-  c  r/i       ^     ,^ 


s? 

-o 
re 
o 


U)    .^ 

Cn^-s-, 

S  1 

o     ?> 
o   ^ 

§  I 

o    ^ 

S«s 


i 

tf 


^  0^  !>.  0^  O; 
lOOO"  co  of  O"  <5\  ++  10 
ro  O  M  HH  CO  HH  to 


01  co  O\  co  co  t^M3  00 
00  0)  w  0\^O  ON  "t  m 
rxoq  T}-  K.  co  q  "t  ^ 

" 


rf  tx. 

IO   Tt 

t-n_  q. 
co  i-T 


1/3  ""!> 
ds  co  i-T 


l-O    CO    M      HH 

^^o^^- 


•     Tf 

-vo 


^o 


CO 
CO 
Tf 

00 
t^ 


& 

q\ 
K. 

lO 

£ 


is. 
« 


§ 

TT 
<&• 


•    •-<    I^x  O    co 


O\  !>.  >0 
rj-  COO 
O  >O  to 


CO  co  co 
1000 

OOO 


M    M    CO 


r,         8 


1  \o       i-T 


5     i    I 


O 

QC 

_J 

.oc 


Q   O 

:'1| 


"ft 


^         •  \O     •     *      •  <*O  M  f>  1O"  •      •     •  *O    •     •     '  •      •     •      •  to 

o    l£  :  :   :3;S8«   :   :   :88  :   :  :      :   :  :   :  3> 

SJ5$;':  ;*-*;  •;*•:;;    ; ; ;  ; 


I 


21^- 


<  -^  ^ 

^^  Z 
•^  &> 


VO  lOO    T^- 

tO  Of  Of   T? 

OO   04          M 


s 


en"           •      '      '      '      '    a     '      •      '  -^-M" 

. 

G   cj 

S) 

•  '-^  Ji 

'—  <  3    •    •    • 

S  •  8  6 

5? 

-^  G 

T~~7    qj 

•*" 

jj'| 

(D    rt 

^  js 

B  "o 

Is  &l 

.5r  p  ^  <u 

'o 

^b 

2 

rt_bp^-j 

g««    en"    „  w" 

3 

bfl 

T3 

8j 

retaining 
nd  its  appi 

Go 

^G2 

CJrt     . 

a  aj  b 

^  G    C 

.  &  to"  5 

•^Sf^IllWg 

s"S|-a'§*Jo3<-s§o 

Islftllalliil 

IPI 

Cj  C/5  2 

rs|o 

^^J2^^bi6r^wOrt^^rort<rt-4->riO<UCSPoU!^fS2f 

.-2  G  S 

MO* 

c'S  >> 


2P  ±J     W     OT~  flj     bjOrn'c/2     Ort     bJO 

rllll^-il^lll 


*O      ^   n— 1      *— '      ^^ 

^Sg^SgSo^ 
CJOHcqHfeOm^ 


"^      ^  -'-      *rt 
o 


i-5  04'  co  TJ-  xovd  K.OO'  cK  o  M  04  co 


O    1-1    Ol   CO  -rf  10  O          t^OO    O\  O    ^    0)   co  ^ 


3J9 


f  JERSEY,  1911. 

road  System  — 
ERIE  RAILROAD. 

:OND  CLASS  x  5.  6. 

4.  VALUE  NEW  PRESENT  VALUE 
Vena.  Present  v  aluc.  TOTAL.  TOTAL. 

,105  $95,105  $326,653  $326,653 

i,  800  i.Sco 

CO     •    ON  CO  > 

-t  ON  "^  co  M  «o  Q 
5  tx  10  to  CM  co  O 
^-  co  ^  co  Tt-  O   co 

O         O-'-txQ     
00         O                      iO\O      

(N                HH          •          •         .     IO    CO        

"^        M"    .'     .'     .'   O"          .'."'"' 

Total  value  of  tangible  property,  $i,49O,i33  $1,232,972  $243-739  $203,777  $1,733,872  $1,436,749 
Value  of  sub-division  IV.  The  value  of  re- 
.  maining  property,  including  the  franchise,"  .  -  488  100 

Total  value  of  all  items  as  above,  .  $T  Q2A  840 

vO     "  O  VO  ^t"  ^  *^f  vo  i"-*  "^"  l>» 
t"x     i  00  VO         M   CO  -^        iO 

CO    •   ^  04  VO   O  ^3"  t^  t^v  l>v  i—  i 
8    ifS-vg&fc&SS^ 

.     .     .              

<N      •     •      •  00  v5      
Ox    •     •     '00  co    

£     ^x^1 

OJ         OJ  VO 

CO     •   O    "^  C 

R  rls1 
2  ':    <$ 

oOO  ON  ^J"  1-1  Q\  co 

HH     COVO            ^O     HH 

IO          M      .      I      *    IO            .'.'.'.' 

x                 •      •    co8 

8  •  •  •  &  

•      •   rf  ^ 

nT     '      '      '  vo  

H         •         •         .         •     VO    (M 

.     ^  .:  :^  •::::: 

.      1      ft,: 

0             ^~ 

2   \-    <i>          c     ^  oo  Q 
O   UJ    F               -s  ^  Q 

Q      10^0 

.  :  :  ;vo  - 

:         :  :  :  ~  .::::: 

0  CO  OA  co  rf    •      • 

c»        ....  o  vo    .... 

AND  CANAL  REVALUAT 
SUMMARY  SHE 

Nc 
AND  RAMAPO. 

*  MAIN  STJvM— 
1.  2. 

Value  New.  Present  V 

$231,548  $231, 

1,800  i, 

<-O    *   O  CO   ^ 

Q     •   Q   co  C 
O\    •   O  vO  C 
VO     •   HH  oo  u 
iO     '  OO"  Of  u 

VO         '      04      HH 

Ol     '.MO 

f  04   -^VO   *-*      .     '. 

i-T         ;     ;     ;     ;  c<~         ;     ;     ;     ; 

....  OAVO     

ooo"  o^\  rf  i-i  :  • 
I-H  co\3      ;  :  : 

IO             '       '       '       '    Tf-            

•   v:     • 

:=:::::: 

:|  i  :  i  i  :S  :  i  :  i  : 

'.  ^    '.''.'.'.  ^    '.''.'.' 

Q             Z 
<             0 

o          <& 
55           ;: 

'.  :  3   .' 

.       .     CJ 
•        •  T1     wf 

-o    •    •    •    •  g    • 
S  ?•':*«'• 

-.  ^ 

en                    w   O 

-4-J                                  O  '      ' 

•  (j    "£    

•  S  :  :  :  :  :  a  :  :  :  •  • 
£  „•>  rt  •  •  •  c  c 

C  <u     '                    '  TI               '  <u  <u 

RA 

Name  of  Railroad  — 
PA' 

DESCRIPTION. 

i.  Land,  
2.  Clearing  and  grubbing,  .  . 

Graduation,  
Tunnels,  

Bridges,  retaining  walls  an 
Track  and  its  appurtenance 
Fencing.  . 

Crossings,  cattle  guards,  ga 
Block  signaling,  
Interlocking,  
Miscellaneous  signals,  .  .  . 
Passenger  and  freight  stati 
Shop  buildings  and  engine 
Docks  and  piers,  . 

§T  ':  '•  :  iS-3     il'll 

Htfrfi  IP  l|w'2 

^  S  S  G  5   'S  ,-     ^'5  g.S 

i^f^i:^  i^| 
||1allil|:i|o 

rtrt^rno^J^gobJO^^F 

&llsi.al&llSl| 

»—  '     £     rt     C     qj     OJ.W     £     °     W     «J  ,S2     O 

H£   CL,SoJSai3p^£ss 

cOTfioO  tN 

00   C\  O   HH   04  co  ^f 

u*)VO         txOC   ON  O   *~H   C^J  fO  "^"  iO*O         JxOC               O\ 

320 


« 
5 

04      •  .  0    O    04   10 

o-o  2vS£  :  :  :  :      ::::::::::: 

i£     8 

s 

OO 

Q' 

fr 

> 

4    HH"     ;  00    -f  0^0 
•<    I-H          u-j  -O    O    O 

t"1   ^o     vo  ^j"  r^.  t~( 

C?\       vQ   co  H-T     ' 

«     04  04      :  :   :  :      ::::::::::: 

04           i-3 

CO 

'  ? 

CO' 

ILROA 

55 

M 

PH 

H  ^"    ' 

•   •   •  •      

A 

* 

^f 

>. 

hH 

rr 

W 

J    Tf     •  *O  GO  \O   I-H 

cC  HI  \o  oo  »o  •    •    •    •        

vO 

jii 

TiT 

<     M      '  CO"  10  CO  fO 
£    _,     '   io  M   -f  10 

O*1      \o  co  h-T    *     '     '     '          ...              .. 

04          04   04                              .                  .                  ..... 

to 

LTJ 

,°      CO      '  VO    10  tN.  HH 

TT 

j£ 

J 

H  <^-   ; 

•          .            .                  

OJ 

UJ 

> 

^ 

W- 

T— 

0 

1 

] 

4   : 

R;  ;;;;;;;    :;;;;;;  :  ;  =  : 

o\  ::::;:::      :;:::::;::: 

i 

6\ 

ERSEY, 

t 

CO 

•a 
n 

^ 
C 

C 
^ 

< 

£ 

w-  '.'.'.'.'.'.'.'.      '.'.'.'.'.'.'.'.'... 

& 

CO 

~3 

0 

C 

"R  

t^x 

> 

JJ 

c. 

p1  •;   '*.:'':      ':':::::::: 

> 

u 

OC 

4  ::.::::::      ::::::::::: 

OI 

til 

z 

z 

o 

DC 
1-    0> 

u  E 
iii  _j 

V 

1 

"a           • 
^>. 

*Q     ^"     *  ^3    04  OO  ^O 

HH    00     <"O        '          '          '          ' 

rf- 
0 

5 

I  Z 

cv 

>\     t-T     '  00   ^  Q^O 

-*^        HH          "     lO^Q      Q     O 

:    tfe?M  :  :  :  :     ::::::::::  i 

0? 

jj 

^   C/3 

•« 

J 
< 

DC 

fs 
5- 
-/ 

r 
i 

1 

^ 

^ 

^ 

^ 

*     04      •   Q    O  OO  "^O^ 

0 

III 

!? 

9-    '.  ^o  oo  VO  2^ 

:  2$^  £  :  :  :  :      ::::::::::: 

8s 

cc 

j^ 

< 

15;    HH     *  oo  to  co  co 

VO«%M       ' 

Tf 

^ 

P 

- 

^        hH          ;     10    hH      Tj-    10 

;     "i  ot      :   •   •   :      ::::::::::: 

CO 

z 

0 

Q 

Z 

CO 

CREEK. 

Iw: 

£  •  :  •  •   •  <u  •  :  •   ;  : 
:  i£  :::::::  3  ::::     z  :  :  :  : 

i84 

u 

r 

i 

< 

Q 
O 

HORN 

iiiiil 

C                                            tn           .           .         rt 

4  •  :         :  $  :  :  £  :      :      :  t      :  :  :  : 

|   :         •«      '  is  :      :      :  &      :  :  •  • 

rt  «4. 

j 
! 

•<     <j 

RAILR 

Name  of  Railroad  — 

Z 

u 

0- 

DESCRIPTION. 

Land,  
Clearing  and  grubbing,  
Graduation,  
Tunnels,  

Bridges,  retaining  walls  and  cu 
Track  and  its  appurtenances,  . 

"^    •        '-C  <L>     us  ^    •       •       '  *5     tT  •  £  £ 
^S.S      ^    •             «?rt      g    ..O.S. 

-S  :      „«  c     s"  :      :     ^     £  =  &| 

ii     •       Jiff^c   ^       ^   ^                        ~^  'o       'S4  c   ^  ^ 
.  —  i  bfl       OT        tnflj^_,'-'1-|JS  *o<  J2  "^  ^       .S  tu  ^   rt 

c^-1  t 

|\^ 

"o  i  c 

-*->  ^    j 

:     ^ 
e      rt 

3      « 

-        c 

•  1 

-      15 

X          M- 

5         O 
X        a> 
JO      J5 

:       « 

-       > 

i       *n 
3        "O 

HH   04   CO  Tl-  to^D   KOO    OS  O    M    04    co  ^-  tOVO          KOO    ON  O    HH    oj   co  rf  tovo          Kc« 


32I 


RAILROAD  AND  CANAL  REVA  VALUATION.  NEW  JERSEY,  1911. 

SUMMARY  SHEET. 
Name  of  Railroad—  Name  of  Railroad  System— 

avoa-uva  ama  'AVM-IIVH  aNvnasoa 

Value  ^v.  Present  Value.  Value  New.  PresentValue.  ^OTA^  P^%llY^1 

« 

\2 
10 

8 

lO 

<^ 

8 

*ft 
w- 

o" 

•  r^       u-,CO  HH  I-H     .     .     .  o     •     •  ON 
•  Tt        -=t;  q,        *     •     •     •  xo    •     •  >- 

o    •    .    •    •  c 

o<5     •    •    •    • 

n 

g:V0aluUf^^isToinblievPr"¥h7;a,ueofVe-  $34'3?2  ^  $I°'79°  $8'558  $45'lfe  ^^ 
maining  property,  including  the  franchise," 

i     oc 
& 

V 

1 

M 

OT 

03 
to 

*c3 

MH 
0 

<u 

3 

*rt 

I 

d 

.... 

.    .    .    . 

•O         Ttropcc     •     •     •  vo     •     -Tl- 
•  ro       ^OQ^Os-     .     -CM     .     .10 
•  -rf;       O^  O^       1-1     •     •     •  r£    .     .  <N 

o    .... 

O 

:      M     •:;;;; 

N    .    .    .    . 

S:.::i 

.  .  .  .    .....  ^  ... 

<N      '     '     '      ' 

^       vOf^OjON     10 
10         of  10                   

:  :  :  :  :  &  :  :  :  :  : 

•       •       .      •      •    Kr     •*    w 

*         '          *  c      >bc          :  S-S     '*^*1 

1    1     ll  I     rf|g  jl 

S                 IS                         ^     *-"               JS                         Oj      bjD«T3               CXt^ 

i  i  ii  i.  #!£l 

•o      -Is    SJi  .3"St-fi" 

c  _-     -t-;  ""    •  wH  66  5  «  -S      ««  o» 

^    F,            v^'O       '       -PC^u2'°r-'<U 
O           *^    ,X           t/)    hr*  <-*    r-1         ^""^    r-  »-Cl  »  —  i 

H*tfSjKjll!-!t? 

|||||||Pl|^||s 

h4  O  O  £  fS  ^  fe  CJ  S  n5  S  £  5  P  ^  ^ 

i  n  HI 

1     3*3 

tn"    ^  c/3         O   O 

c  1  1      S  " 

2||,«f«b 

°3,;;^  co  « 

-*-1  ^  u  <^J2  £  o 

Sjf&.a!cJ 

rt  c   a;   "5.2  °  ° 

txod  o\  o  M  c\l 

23.  Passenger  train  equipment, 
24.  Freight  train  equipment,  
25.  Miscellaneous  road  equipment,  
26.  Floating  or  marine  equipment,  

21  E  S 


322 


»4           t^x 

t^.QOVOHHVO         ONPOI>.t>x«OO         tx     •            -ON      

3 

^  j   in 

IX       1  00    *•**            **                                 HHof*                                       .                   .HH                   

5)         M 

in 

Q  ^T^  SI 

CO 

CO 

<   Sl^ 

. 

</* 

*^ 

O               03 

DC        3 

-1       P4 

<        £      ^\ 

DC     "4  ^ 

<•  <   to 

HH      .    ON  vo  T  O          iOi0^t"04      •    HH          £}.•      •      •°OM      '      '      '      " 
I>X.VOIOHHHH         OOt>»>OiO.HH^         Ov     •             •CTJOl 

O\ 

-^Hll 

:                               ;            .                

^ 

0> 

DC        3      ^ 
LU       > 

r  J  08 

•       •  00    CO     t^  f>     •       '           tN»     •      •      •                                    •       •       • 

s 

5 

JERSEY, 

I    ^j  a 

£    f  1 

?        §      g£ 

o        o     §  oo 

*-            rib*   ,-X1 

:   .  .  _  ^  SSL  *  '     °*  

£ 
s 

q 

£ 

01 

z 

—           CJ      <  00 

5    8"$& 

DC          1      "s 

.-s     I  ^ 

E 

ON 

z 

0 

Ho         r     ^   -*t 

E!  I        =^ 

1 

$ 

IcO?^ 

Ol                 HH      Tf                                                              !           .         '.                                ....                                

1 

D 
_l 
< 

'>        §   !~ 

o:          Si 

C^ 

£ 

I     l.ll 

^    tEl2    ^^  :   :   :S      :   :  :  :^^  :   :  :  :  ; 

ij 

s 

o 

Q 

Z 

3       p* 

0    l- 

D 

i           : 

<T) 
& 

M-i-r 

o-f 

f 

3 

RAILROAD  / 

of  Railroad  — 
WATC 

DESCRIPTION. 

•   •   •   „  •  •  be  *.  •   :  :  ;   ;  i      i  '.*..'.  c   
:  :  :S  :  :'^  ......  -jd  •  :  •   ;  :a  :  :  :  :  : 

'•  :  :^  :  :1         !  :2      :S  :      :      :S     :      :  : 

rt            I   ^  ^        -.        .        .ex       .4_r.,_r 
:        I  o           w            •«S^oT'        '        >rt        -cc 
•~HC/T_y            •  a  ^      <i;^'        •        '^-.              w<u 
*S  ^     rt         --2  <u    ^^  :      :      '^     a     §  § 
^c     bfl         :S.S     «-S  -      •     «-S     S   l.|.| 

g        |S     |        ^g     |I   :       :     |-3     .11  II 

•5  "^          2              *c3    bJO^-j          g«£   wT     ^  tn"        "o   O          3    g^^   ^ 

•§         MO,     5o        g,'g|^g|||     g   ^     <u--  g.g 

value  of  tangible  property,  .  .  . 
of  sub-division  IV.  "The  value 
..  :~~'\.*A:~,f*.  ^t^Q  -f»-on 

5 

H           CJ 

J       > 

5fl          « 

3      « 

i  1 

?  = 

s.  : 

D          C 

^         1 
DC       J 
^            c 

s     ^ 

IslL-fll 


J35 


•J3       —  «'5       -^ 

o 

H 


10VO  KOO   0\  0    M    OJ 


t>.00   ON  O    «   W 


3^3 


co  T£  txoq^  tx  q  tx 


•-i       ON  04  vo  co 


IO     •   lOOO  VO   IO  tx 

50JOQ 


o?8<£  :K8^K3;  :8 

s*fc  .:v£:?£££  :<£ 

VO   04      *  VO 

i-T  10    -co 


txlOlO  O    M 


04   O  00   co  >-i         to  O   04 

>>-i^ONCOO<COi-ilo>-i>-i  to  S    CO     •  OO"  )-("  CO  ^-OO 

NOO^  04^  O^OO^  t-^VO^  tN^OjCO         CO  O04      -CNiotx  ^- 0\ 


lllj 

g  ^  oorJ^ 


a 


UJ  C  < 

CO  *-  -J 

DC  °  LJ 

UJ  <u  Q     r      <a    H- 

p    ^s 

z2§§ 

gs 


KtxTfoi 
M  TJ-  OMX 


04    M    04 


co  10  O\ 


M 

vo 


O   10  co 

^5a 


tovo" 


««4 


ON  rFOO  K  M 


•  O 

•  O 

•  ^> 
'  tx 

"   «*2 
'    10 


tx  O   04 

VO   O    04 


o      =  g 

§ 


h- 


^2T  '  fi 

ON    .  ol 

:oo 

IO 

-o  04    ;\o 
i-T  10    -co 


O 

»O 


tx  M         .    tX 

tx  tx     J  10 
IO 


o 


LU 


oa 
K 


Q 

< 
o 

=  13 

<    re  -J 

•CC   DC      m. 

s-   U 

o   DC 

u 

15 

UJ 
Q 


buo 


a  I 


boa 


« 

"S'So 


g4J 

- 


« 


3 

13  o 

* 


c 

II 


s§ 


^1 

^^ 


»    OJ 


s  I    rt 


•55  C         K    "" -V    C 

Crt^  ^"^   ^c'^  ^^ 

"3  ^ *s  § -oa *2  ^'oTi  ^ 
iJ  2  §-n  £  g  2^5-" 
h-roo^mtHpHom^^ 

.00  ON  O  M 


'J  r-l  D.  r_ 


>4  co  rf  tovo'        txod  ON  O  M  04'  co  TJ-  iovd        tx 
HI-HHHMH-,          ^wi-HMoi040l040404          04 


324 


|      ::::::: 

::::::::      :  :  :  :  :  :*&%%  :•» 

ui  , 

ong    :  : 

.  ON  tx  to       to 
.                       .         COVO  04        NO 

| 

UI 

§H    ;  :  

'     '     '£"  ^    '  ^ 

M 

CO 
Q    UJ 

•z.  -J 

I 

to  O  M     •  Q 
£>-$°Q    •  o 

<&- 

^ 

.  Q 
<   <  , 

*<    ::::::: 

ON  01  C^     '  co 

NO 

88 

Z  o  ' 

CO  l>»  tx        to 

CO 

Zo 

^   DC 

<j 

T- 

M 

&, 

r      «|      

O9- 

JERSEY, 

>ad  Systen 
VARE,  LA 
WESTER 

•J      ^      

•>     2! 

£ 

III 

=  <        * 

«  -1       5 

^     :    :    !    :    :    :    : 

Z 
2u' 

DC   UJ 

*Q 

fz  

5 

o  w 

E 

—       

1-1       ON 

u  ^ 

CB 

^      

o"     NO" 

HZ 

Z 

(»          NO 

^    CO 

5 

fOVO   <N      .NO 

^N          <«- 

D 
_l   > 

(s 

t 

J    g    

V 

tA- 

w- 

_J    — ' 
<   CO 

z 
o 

Q 

Z 

Q 

O 

DC 

-I 


UJ 
CO 
CO 

§3 

<     . 

<< 
^O 

Ii 

<^ 

P 

-J  iu 

,«rfe 

I    QC  UJ 

•o  <  > 
n*  «N^  ^ 


IB  -i 

DC   UJ 

<SQ 

E 

ns 


:  :  --^^  :§\ 

^    1 

'     '     '  ON  CNI   01     'co 

CO  tX  t-x      'to 

* 

(S    !    «    ' 

'     '  co"     

H-l  >^ 

rt        .    ' 

•    •  o     

.    t- 

c 

^  <u 

ti  * 

^    • 

:  :  S  :  :  :  :  : 

O 

G  I- 

>    . 

O 

0 

'   en 

NI|M« 

^S^ 

T3    ?? 

•M 

Q 

4-! 

g 

CO         ... 

CL  9-^^ 

.    .    .   , 

C  o 

rt 
ta    : 

| 

rO          •         •          ' 

:   "§     ^  :S  6 

2^o 

bio 

g 

12 
ua 

c 

bo 

T3 

§§ 

retaining  walls  , 
cid  its  appurtenar 

en 
TD 
I* 

CS 
3 
bJO 

i£ 

oS^n 
c->  oJ 

a!  So 

j£ 
'rt 

.1 

'co 

CO 

§o 

C   u 

c<  c 

'^) 

^ 

b£ 

'S 

MH 

T3 
C 
c3 

j-i 

•§) 

S 

T3 

c 

rt 

C/3 

bn- 
2  ' 

O 

e 

O 

"1 

uf~ 

§•0 

^^ 

§^ 

Ui 

<u 

<-M    CO       „  "5 

G   G-g  | 

^  "*a^  c 

qj                   C    4J  'rt  *J2 

^^2       aS^o^ 

^    O        .S.    g    <L)    <U 

ilue  of  tangible  p 
f  materials  and 
e  in  maintenance 

bfl'-M  «  r/r 


a-242 


S  S-3  C  S-S  K  o^  W  :  2B^^.^  ^ 

T  C  ^  c   bO^  -r;  OT  -«  T:  «  «  ^._y   bJO  i   S  M  -^   C  « 


1-5  g 


^^ 


o*x 


c  c  w  t>.S 


tuo       ^  O 

'  J  ^H        O> 


I-H  CN{  co  T}-  toNO  txod  oS  o  M  oi 


ro  rt 
04    <N 


oT 


325 


M 
D 

a 

OO  O  O     •  VO  tx  co  co 
-rj-  CO  IO     •    O\  t-H    l-OVO 

O     •  10  tx    •   01         O     •      •      •  01  VO     
O      '00  10     •  M          IO     •      •      •   COOO      
10     •    01  VO      •    c^          «0     •             •    01    CO     • 

. 

.>< 

CO  CO  01       '    CO  10 

<^-             CO       '     HH     IO 

.10       .  ^f      co  ;    ;    .      •-;:;;; 

z 

<£>*<    g 

...            . 

DC 

63 

•    •    •            

111 

b 

LI 

I 

PM 

fc. 

rj-  co  10     •  00   CO  COOO 

Jo  -v8  c?  i§    ?     :  :  ^^  :  :         : 

£  < 

co  co  Ol      '   xoOO 

D 

Z 

*$ 

^            CO      .    M    tX 

<f 

< 

> 

u 

z 

Z   I-' 

O  m 

=! 

>  < 

u  s 


1  8 

a    n- 


"  X  t-r 

co*  °  ° 

•a  5  P 

ro  55 

2  uTR 


§ 
S  c 

t! 


<    CO 

o 

Q 

z 
< 

0 

o 

DC 

_J 

tr 


^VOOO  -VOCOCOCO-O      •      •  tx     •   r« 

>2    "^J"  co  10  •   C\  co  »OVO      •  C      •      •  IO    •  M 

^    01  01  O  •  HH  vc  c-4         •  «r 

^.cocoor  cj^ 


co 
CO 


- 


5  • 

en 
cu 

is! 

en" 

<L>       yf 

.  a, 

.   o3 

-o  c/5" 

.*  o  ~ 

•  ^_^ 

c 

o3 

*Tj    C^ 

.^H             | 

•  *O 

4-^ 

03   ^ 

•   03    C 

.    -4-»  "-" 

cu   c*3 

en"  rt 

C      ' 

en   rt 

c/T 

cn   be 

C  "*"" 

CU 

£   G 

3 

11 

|H 

^  ^   g 

•iS, 

,^ 

s 

11. 

.&  g 
cr1  ex 

cu  cu 

6  £ 

ex  ex 


II  £1 


be 
•o 

g§ 


be 


^P  c 


e 


21 


gP'g.S'g  c3  beg1^' 
|||  |.f|||| 

aoo^m^feom! 


r-  o        «J 


rt   - 


^  M  be     ^ 


tN.00  d\  o'  M  oi  co  TJ-  lovd      Kod  c\  p  >-<  oi  co 


iovo' 

0101 


H 
$ 


326 


«              HH      W     O 

t>        vO   01  to 

j         HH   co  ro 

^  i4   ^^        ^O~ 

CO  O\  
O1  to  

rf  O 

WESTERN. 

.>  < 
<£>££ 

|H 

w 

£ 

g  .<>  g& 

+y    I-J     //-v                    — 

toto  

vo  to  '  * 

1 

u 
z 

< 

< 
z 
z 
< 

•*fc 

-|l 

> 

[li- 

C 

<D 

« 
x 

CO 

"O 
OS 

2 

E,  LACKAV 

2^| 

S  5  :  '  : 

0     S! 

OH 
Q 

%    §    :  :  : 

8  5    :  :  : 

'ns 
DC 

4- 

0 

AWAR 

S"S    :  :  : 
I* 

;     ; 

3      .      . 
O 

•o  5ff 

en 
<u 

:P 

2  en  : 

C  <u  . 

• 

C  8 

C3   ^ 

en   ^ 

S 

"13   i> 

•  rt'.S 

•  to'b/D 

—3  • 

D  ^ 

O 

bfl 

S   C 

*O 

«  .,   C 

0  '• 

t-< 

3 

11 

IM 

03 
S 

,wjS  <u 

2.^-T3 

-Z 

" 

o 

32? 


RAILROAD  AND  CANAL  REVALUATION.  NEW  JERSEY,  1911. 
SUMMARY  SHEET. 

t>         co-TtOCM      
^vJC^iHHU?^'      '•      '•      '      '•      '      '•      '• 

tx  m      o       10 

ON  vo        O       VO 
O^   co        o        co 
M    cf      M"      t-T 

z«£|$  i^S  : 
§£      :  «*    ~:::::::: 

H      1 

CO         fL, 

UJ       ..       r^-ooo    

£     64  %  :£$$  :  :  :  :  :  :  :  : 

~       ^  <    p\    :  i-T  in  ^f    ] 

27.  Total  value  of  tangible  property,  $6,931,097  $6,93i,O97  $6,931,097  $6,93 
Amount  of  assessment  made  by  State  Board  of  Assessors,  $2,31 
28.  Value  of  sub-division  IV.  "The  value  of  re- 
maining property,  including  the  franchise,"  

20.  Total  value  of  all  items  as  above.  .  $2,31 

5  4g£5  -^^^  :::::::: 
|     aH      .  ^    „-.::::::: 

-    >• 

|5fl   i:i:!i;i;i:i: 

^J<<;      s     
1**3     ^     

o  ^     vi 

±  g  8  5  ;  ;  ;  :  :  ;  ;  :  ;  ;  :  :  : 

°  _i    ^  ^ 

•  m       HI     

W     2 

^H          ^" 

co    ^ 

llj     I-H          1     CO      '    tX  Tj-VO       ' 

s[t  ilsumiN 

UJ                  

z           :::::::•::•;: 
u. 

O-    .       bo 

:  .  g  :  .  :  :  :  «  :  :  :  :  : 

c/)          .                   rt 

Q          :  :  :  :  5  :  i^g  :  i  :  :  «f 

2              :        3  :  :  «         :  ^  o 

DC                                                  .                                         -               <L)                               •      Sr^3 

5     x       ^       11    *        :lj 

ft"           O              „              (ft   ^         in                 *"f«bfl 

1        1     I      =51    •§       «£S 

*<    a    I      *1    §     "g^-o 

°  5  s  i    »|  ri-lis 

^<    o    *    :§2  |.|  :-§a 
^|         s=  |*   8.|_l|*l 

o  v                   -S   .     c   .  Si  ^S  c  S  ^ 

djQ                     ^"^^t^robflj-f'oooj^  bc^§ 
nJ_l                 C^rtCrSrtcOo.^^^0 

Docks  and  piers,  
Telegraph  and  telephone  lines  
Turn-tables,  transfer  tables,  track 
and  track  cranes,  
Pintsch  gas  plants,  
Electric  light  plants,  
Grain  elevators,  
Miscellaneous  structures,  
Shop  machinery,  tools  and  appurtei 
Locomotives,  
Passenger  train  equipment,  
Freight  train  equipment,  
Miscellaneous  road  equipment,  
Floating  or  marine  equipment,  

i-<  c^  co  ^f  i-cvo  txOO  o\  o  HH  c4  co 

328 


QoioioiHHtococoioooON 

I)        txto'-iOcot^OcoOlVO'-iOOONlN.t^ 

o  tooo  r^  01  coi-iiotxo^otooN  rooq^ 


Tf        co  tx  01   ON 

~       co  i-T  T£  of 

69- 


T~  "7     r      *> 

5     \<\  i 

-      E  5  »> 


o  tooq^ 

<    t-T  10  rxf 


01  r^  o  01  "3-vo  oo  ^t  co  o  *o  o 

MOOlOCOtOOlONOl-lT}-  Oll-l 

Orxtx-i-ivooicoOONt^  ""iQ 

o'oo"  T? \o"  to  of  ^F\o"  of  o"  vo"vo 


01    CO  tOC 

r^  01  oo  i-< 


tx  co 
tx  Oj 

a"  vo~  ^ 
!  co  o\ 


^^5   t 

>_r 

u 


5S8 


^^c 

01  ^-^^ 


t 

s  ;a 


•  to  Q  O 
.  OO  Q\  tx 

•  to  ON  co 


^O     O 
01    CO  IO 

rx  oj  oo 


VO   O   C>1 

CM    i-i   co 

i-i    O   01 


^  o 


M   ro  *-i  to  ro  <^ 

cooo  i-i  01  o  ^ 


10  > 


01    O  OO   t-x 

.     _  .  .     -  to  i-i  r^  to 

^5        OO   ON^O   O 

•2  of      of  M"  ^t  co 

K°    W- 


M"  o 
co 


& 


'O 

G    rT 

rt  o       *• 

S'S^s" 
^'S-Ss^' 


•2  8 


rt  c 
OT'M 

,. .,  c 

en  ^    O 


•     *  G  G 

•    4)    <U 

G  :  s  a 

o3    ..g-.g- 
S  c'3'E 

o<  <u  cr  cr 

.^H        I—1        O       O 

C71  0,13    <U 
<U'S   rt   C 


bo^'^   OJ2 


:  c  S  ^S-o I  S"|  J§.H1  I'-g  1^1  1 

P5  G   cu  -3   C  -0,3  2   b0'-  JJ  C  rt  -^  cu  +3  C 


rtJi 


PC 


^ 

04 

I 

-a 


Sjf 


O     <     O 

rO       '<- 

CU     3     Q, 


>   O-g 
^-.    W.« 

5^  5H 

O  rt   G 


t<od  oS  o  H4  oi  co 


329 


w 

5  a 

IO     -   IO 
CO      •    IO 

ON    •  N_ 

IO      '    Tf 

8^ 

<N   ON 

cRoo~ 

?     § 

j  1 

WESTERN 

"ll 

1 
pj 

|.j 

10     '.   Th 

£•  : 

IO     •  IO 
CO      .    10 

ON     •  C4 

5fr 

10  W 

Q     •      •      -00      •      •      •         ON     •      •      •   wOO      

f^ 
c* 

ON 

10 

5  1 

Q 

Z 

"Hi 

IO     '   rp 

xo  ;  Th 
£•  : 

"- 

?o  \    \    ;  N    ;    ;    ;     \o"   I    "    '  10  t-T   

* 
& 

0> 

T— 

1 

VANNA  fi 

< 
> 

c    ^ 

il 

%     .  Oj? 

:* 

:  :  :  :  $  :  :  :    g  :  :  :  R  :::::: 

M 
ON 

/  JERSEY, 

E 
a) 
+j 

w 
X 
CO 

-a 

2 

E,  LACKAV 

inrf-^. 

3  « 

0     £ 

0     * 

^       s> 

o    s 

U     ^ 

£  ; 

O     •  10 

Tf     -00 

* 

::::£:::     a  :  ':  :^  :::::: 

•      •      •     -oo---        CO-'-iO     

I 

| 

> 
UJ 

Z 

Z  h 

'ro 
DC 

M- 

0 

<D 

ro 

DELAWAR 

Wcvj^ 
01        S 

is 

M 

«;  ' 

IO     •   O 

ON     •  tx 
tx     •  M 

^^ 

1 

tx 
IO 

O; 

-1  > 

<  cc 

Z 

Z 

1 

g  ^ 

^      3 

i—  i      S 

•<  .s 

<N    ;  TJ- 
w-   I 

vs  •  ° 

ON    >  tx 
f^     «   01 

_r  •  cf 

moo 

M     CO 

vl  :::::::      :  :  :  :  $58  :  :  :  :  : 

ON 

-J  D 

<   CO 

Z 

o 

Q 

Z 

X  EXTENSIO 

S-« 

1    1 
I  ^ 

2  :  ° 

&-   ' 

illlJilltlljnljjni 

01 
CN< 
O9^ 

Rj 
^•| 

RAILROAD 

Name  of  Railroad  — 

MORRIS  AND  ESSE 

DESCRIPTION. 

i.  Land,  
2.  Clearing  and  grubbing,  
3.  Graduation,  

4.  Tunnels,  , 

5.  Bridges,  retaining  walls  and  culverts, 
6.  Track  and  its  appurtenances,  
7.  Fencing.  , 

S;  :      :  '5  G    ^  ?  ;  :   •   ;  ^  c     S  •  g  | 

4_>.s       ajcj                     c«rt       OJ.QH&I 

4  :      ^  c     §"  :  :  :   :^  -     S^'3'3 
1  :    ffj    1«  J-  ;.:  :^l    -ts^ 

1^1?  lt|  lelll.sl  B-l  fill 

o  o  £.9  ^  °  o       i2  ^  c!  QJ  rt.i2  °  °  2  5  ^  o 

CJ  PQ  t—  i  ^  PH  C/}  Q  JH  ^H       PH  t^  O  S  CG  i-J  P-i  pi-i  ^  fe 
00   O\  O   i^   C1^   co  ^t"  *-ONO         IxoO   ON  O   t~(   0^  ro  ^t"  i-ON/~> 

3^  c 

b£  O  "t 

C'oo  _>i 

I'll 

•*—  '  v~~l    c 
O   "3    C 

IX  OC 

fM     tM 

1 

c$ 

Crt 

tfl 

*c5 

M-l 

O 
<u 

,5 

rt 

13 
O 

CTN 

33° 


*$;& 

?&  : 


a 


>    C/3    .^    to 

111 

2°'     I 

i  Q 


LJ 


±:  £  o 

.-  (£.  w 

re  ^<  rn 

DC 


:* 


:?     ^^ 

*a    O\ 


D  ' 
_J  > 
<  OC 


CO          — 


Q 

Z 

Q 

O 

CC 

-J 

DC 


fx  O    2*  2   ^^ 

(S)  i-T  10  tx  r-C 

O\  M 


•*  O   co 


R 

.    CO 


•     .  CO  t^  O 
6"  «" 


.    <^  ON  O\ 

.   O\  i-1  vo 

•  ^^t 

•  O   <N 


liill 

"?  :   :  :  <N 


O    co 
O  §• 


•  co  q  vo 


04          O\     •    co 

O      .  tx    .   O 


^0 


b£ 


03    4-> 

' 


to' Sb 

^  c 


fl^    Cd 


.   rt 


rt*±       riid         «c*-'<u 

2         c      &  QfilS  c 

^  •§  J2"  «T  rt   bB  J'S   w  JS 


il.i-s  ili" 

OrtbCoCS-^         ^en' 
«CCcuu'T::5rOr-<u 

|I||&1§|| 


S"2 


«>, 

en    « 

^ 

O  ^S  43 
<u  *t)  > 
C  rt  •  n 

JS  S  Q 


1  :S 

S  J,| 


o^  cx-o 


2  rt 

^4^ 


a;     *2  c  .S      v 

e         C'en  r^>      ^-« 


be 


;   «   g   |f  «   ° 


cn.£    U 
en          cn 


<^     S    O< 

^  ^  be 


rt  ^  rt 

^13  S 


OX  O    M    O    co 


Oi   CO 


ir.VO         txOO  O\ 


_r 

§ 

S^ 

o\  O\  r^  01  vo 

cj  ^r>  •  '  vg      !  i  ;  i  ^  ^.  .'  :  :  :  : 

*4£ 

3 

M>§ 

%J    NVS 

•^j-  *  *         ....         

£   |H 

CO       £ 

>  * 

S 

O  O\' 
O   t~x 

^afi 

CC  t-^.     •      '  if)           ••••COC4      

s-y 

cj_ 
ro 

r^ 

-5- 

04    H^     .      .  vo           ....  c»   Tf     •      .... 

Qi   I    I  ^        !!!!  of  ^    .'•'*• 

<r 

\  f  1 

l\l 

1 

;  0\ 
•  10 

•    <M  VO      •      • 
•  ob   co     •      • 

•  •«  =  

5   M*~ 

^  J    1 

•OS 

.R    o     

<£"| 

* 

•  ^  :  .  :  : 

_l  > 

<  DC 

>  < 

Ul  5: 


txoO 

oo"  t< 
in  o 


»0  ix  N  O 

of      of  c£ 

10  M 


Sg"  ^i 

c3  "5  Jff  tn"  rt   bfl 


?^-5g^ 

C    <U    rt    S  •" 

rt  ^_   Ui    £5 


43. S 
?™  S 


cc    CA;^         ui<i^   co     ^  en 

ag  g  -rf*3'  s  :s  f  | 


I 

rt 

T3 
B 


k»r  « 


•S    .2 


DJ  CXi  Q.      .  *O  rt 

S-'I'I   4^1    e 


<u 

<u*=:  rt  c 


l  g-i 


LOVO  Kod  ex*  d  >4  « 'co  Tf  invd       Kod  d>  d  >-'  ci 


332 


t-i  vo 
O  lx 
t-x  COC 


-I"  04 
VO  to 
toOQ 


CO  in  O      - 

to  04  in    • 

Ix  co     • 


I-H   1-1   01      -00 
tx  tx  TJ-    •  to 

o    to   •  ON 


O\  co 


li 


n 


m  o 

04   to 
tx  co 

t<^F 


co    • 

*o   I 


-I  >- 

<   DC 


*l  I 


Ke 
OS'S 


£    S 

01  s 

_l  D 
<    CO 

1 

Q 

Z 
< 

Q 

2 

DC 

_J 

DC 


\6  04\q    •  tx  c^o5  tooo; 
of'      04"    '  ^  *^          of 

04         OO      !    ^  to  M 


00   to  IO  Q    M      •    M 

I-H   co 

oo 


VO   04  \O 

of      of   ;  t-Tvo"  t-T      T?   ; 

^04        00      .  to  tx  i-      . 


tx  co    •     • 
m  M     •     • 

of  :   : 


bo 


.- 


s 


•  JJ  c 


Ms-asC'^^^-ss-sbus"  -sj:^  -s 


rt    ^     r-     U^^     g 

1.21*8 

•^   rt  c- 


0) 

bjQ_t_)    n3 

§§1 


bJC 


<u  c 

^  *f3 


to  o 


o\  d  M  oi 


w  .PI  CO  ^"  to^O         tN.00  O\ 

040404010404          0404  04 


333 


a       N  NVO     •     •  O 

;;;;;;;;!   ;;:;;;;;;;; 

€  § 

| 

o\ 

- 

WESTERN. 

« 

il       ' 

1 

£ 

i  i  ;;  ;  ;  i  ;°   ;;;;;:;;;;; 

«9- 

a\ 

vo 

00 

H 
W- 

Q 

Z 

u 

fc!$«3-     vrf    •    :5 

5il 

I 

O> 

1 

< 

< 

Z 

z 
< 

J 

'  1    :  :  :  :  :S 
,   §    :  :  :  :  :S 

s 

bs. 

JERSEY, 

E 

S 

>, 

CO 

"O 

n 

0 

E,  LACKAV\ 

y 

< 

t 

C 
£ 

C 

*«::::: 

r  ?  

1 

<^- 

1 

UJ 

Z 

z 

0 

UJ 

HI 

'ns 

DC 

H- 
0 

<U 

ro 

DELAWAR 

t 

1 

!«5    :  :  :  :  : 

a      

^ 

g    

REVALUAT 

I 

CO 

> 

DC 
< 

2 

Z 

hi 

d 

& 

5z 

f— 

Nl      ;  : 
U 

•>  ^-       vrT     •      •   rA 

o        

10 
C*J 

°i 

_l 

Z 
< 
0 

Q 

Z 

,-r 

SE 

D 
CO 

D  MONTVILL 

H 

::::::::    J  :::::-.:::: 

!  w* 

VH     <1 
u 

[ 

J 

Q 

< 
0 
DC 

| 

Z 
< 

DC 
LU 

.       .       .       .    (L>       • 

....>. 

3     . 

O 

•  ^  •  •  •  •  i/r  •  •  o  «-.         ... 

S  :      :S|     £w-  :  •  •   •  :^          ^-S 

Ji 

j 

••        aJ 

i   1 

"               *"rt    ^ 

•+•*                    *    O  ^^           C    aj                                    w   .             ^ 

CiAT"*    C 

< 
DC 

T3 

I 

DC 

•5 

0) 
(3 

ROCKAWAY  R 

•               £    cj 

^           .            rt  c 

O               ^               co   J5 

&     iff      ^-^ 

2          r^2               ^  *2 
^          •§              60  | 

w         d           c  g« 
Q         ^         !S  « 

'S  :     rf£  S    ,§  u  :   :  -^  :  3  •§    .3  1  Sf  £ 

s  :'   ifl  Jllfi  ;22   ^tgl 

|g    '"«.B.i^fil'£»{5*&    -|^^| 

b2  c^  'v3  o  °^  be  5  ^  cti  f^  "*^  r;  o  ^.^  ^  Q  bflu-t^  p* 
SI-SI'S  §  a|  »|-§  »1.S1  g.1  S.f.'S^ 

G   O   O-M.1"   OT    °   n^   b    ^   G    <u    ^1.52   5   u   w   ^.^   O 

Total  value  of  tangible  prc 
Value  of  sub-division  IV.  ' 

i    s 

\    % 

i  I 

i    ^ 

X           <-M 

5          0 

i  1 

5         rt 
3         > 

I        ^ 

1 

M  04  co  Tf  trsvd 

^              °^2HHI-lhH>l-IH?M                 ^I-HI-|C10JC^C^01C^<N 

txoo 

M    0) 

8 

334 


H 

b 

tx  txOO      •   coMD  ONVO  CO   04   co  to  O      •  Tf       VO                  -HHTfOQ            •• 

#£"8  :$%SS$Sff$^  :^     ft         vS^-S^      :  : 

?  s 

SO        c* 

>  § 

•JP            mT        < 

DC  ^S^ 
uj     8 

L.             W 
fc            £ 

UJ 
>        |    . 

1-7    >4 

^j-  co  O^        ^  Ix  "^~  i—  i  ON  04        VO  tx        O^       00                    *O  ^O   co  *^                  " 
co        co     \  ON  Ol               H-I               01            1                                                         H-I 

tx  txOO      -00   >-"   04   rx  04  tx  ON  co'O      •  "^  *  OO                     to  TJ-  O   O            •      • 

ONtxp    •ONOoooototxoooN-o      vo                COCMOO 

COtxOl      •toONtxT3'i-iiO^J'>-iO      -CO         to                    iXTfONO 

tX             C< 

O       VC 

^      ^ 

OO 

3- 

^        0 

tN 

°C 

if 

Z 

•^fcoO^         roOTtOi-ip'co         coo"^         01          i-t                      Ix^O  CO  CO            ' 

co      co    '  01  oi            01            co  M    ;  H-.       -i                         I-H  i-i         ;    ; 

f*f 

IX 

§ 

s    l<  TI 

CO         -sf     •   to  C\     roto--          to-'-Ol---             •• 
ON        04-OlON     O  VO     •      •          O      '      '      •   ~*f     

S 

>     3  <  3*3 

^    N   •  10VS  ^  l^  •   •     *?  *  ;  5  r  

04" 
tx 
6O- 

u        «  *  a    S 

s   *s°  i 

""      rc  -1  •?   =; 

01 

-5          58 

>     2  jj  2  S 

ON        04      •  txVO      ••            -'i-iO--         tx-'-ON     

1 

>         —DC  S~;  r 
LJ            «    <   £W 

^         .^..      ..^-..         ...      :  

s 

Z      1  1  ^ 
o  Si'  1  g  (  i 

—  UI    re  Q          -5s 

>O  tx  O      •  OO   O   ONVO  OO04CO-.         Tfvo                    O-^OQ- 
O  tx^o      •    HH   t-t   rfoo  tO-^-O1.     ••          O         tx                    ON04OVO- 

ONtXON-VOONCOMOONOl                •           0             Tf                            ^*     %  ^1  ^t      ' 

00 

o 

r  t 

<   DC               ^     £ 

S  ^       s  i  v 

ON  covo         O*\OrFt-iC3N04'                 '         ON        M                     ^^O   co  i-T     ' 

01         co       OO    !-!               1-1                                                                                       HH      " 

=e-      oi    :       01                              ;                                                    ; 

to  tx  o      •   txVO    OlIxOltxON--          Tf        vf                    04-^-QO- 
O  tx>o     •  co  ONOO  COtotxO--         Q         ^r                  O04QO- 
ONtxON'O004tx-^l"i-iiOTj-.      .        00        OO                     OOrJ-ONO 

to 

CO 

ft 

vo 

O 

^    S                     *T^ 

-ID               "      SJ  < 

<  to                i 

Z                           k 

o 

|       S 

1     s 

<Nro'|-'ON                04*             "*M                                                   H-IM' 

^-      04    '.  M  04                          ;    ; 

::::::^:::::::S:::;;c!:;;; 

••-.-•So  w  2  

tx 

1 

£| 

RAILROAD 

Name  of  Railroad  — 
SU 

DESCRIPTION. 

:   :  :g  :  :-s  ::::•:  :^  :  :  :  :  :c  :  :  :  :  : 

:  fc  :  :  ^  :  :  :  :  55  :  :  g  :  :  .  :  :  £  : 
:  :  :  ^  :  :  8      '  :  '  2      •  £  :  :  .  :  :  a  :  :  :  •  • 

:        B  •     ^      :  :  g  J     «f         :         :  ^  :  :  :-g-g 
:        g  «     §         :.§^    .S  J      :         '*c     ^  •  g  g 

*      M  i    b-      -1>S    a^§    •'      s23    SJ..&J. 

o       ^1    |       jf^S    |I      :        3-3    11  II 

'n               ^   *-"         rt               rt  *fcbrr-(         Oitfi   r/T        &        o   O         3   C 
3                   3         §3             C'S£       ^^^^*C         P  ""         a?-£^  c 

be           'crt       "g^       ^•^^^'O^o'^^^^a       'l^^l 

*§   «    'B  ••£      S  ^  bo  ^  i  .5^  rt  c/r^     •*  •§  ^-~  ^"S.S  S  ^ 

^S           £iT3             -PB<ul-HlS'T::!r-<(Urt^-«'>(UO>L,u(L)O 

.;;           c       SG>  "O'n  c  S'-*  —^lo  i-r^'~H  ^  C  rtirj  S-i-1  C 
b/i^-jjn   ^^   bCriwu  rt   be  5   rt   rt   rt  ^         o'a3Tf3  go   bX)^_,  ^   b£ 

«  5j  rt  S  -"r  g  c  o  o  -M.^  M  °  o  *^  ^  ^  ^  u'rt.23  2  °  w'^.«  o 

a   ''S 

S'S.S 

bjo  O     . 
rt'55  -^ 

^i*I 

| 

)        rt 
en 

1 

*c3 

*rt 
O 

HH   oi  co  ^  tovd  txOO  ON  O  HH  04  co  ^f  tnvo        K.OO  ON  O  HH  01  co  ^r  tovd 


335 


Z  <OH  »;  ^ 
CC        *;£ 

uj     SH 
H      « 

CO        PH 

IU  co 


Z 
O 

I- 

D 
_|   >- 

<  oc 
>  < 

It!  s 

£  <? 


z 

I? 

II r  * 


00" 


*  :. 


u 


-  K  °  .^ 

I  •r  Weo  ^ 

E  <  w     § 

^  I  § 


(0 


•7     sj 

•  * 


ON  of  >o"  i-T  10  0*~ 
,7!  co  10  co  •* 
*^-  \O  CO  co  01 


co 


;OO 

:  5 


.  u 

ill 
|{ 

bo  ex 


en   bfl 

.,   C 

<L> 


9 

»o 

CO 

of 
tfi- 


;     U- 
O3  M-I 


2    gj^  «T  «    £> 

^-M  O  22  c 


I  -.1.1 

£  "c  ^  3 

rv  ai    P*  CT1 

-goo; 
cr  cx*t3  <u 

<U'S    03    C 


S  <u 

2  c 


rt     rn 


txo    o\  o  M  oi  co 


M  bo 

n3  MH   C 


o  ^  *-^ 

Sr^ 


336 


DC 
< 

I    I 

CO    to 

CO 

I! 


LJ  QC 
CO  it- 
DC  o 
UJ  <U 

si 

UJ 

z 


••  Vt       OOcoOOOOJtxON 
P         I-H  txvO   i— i  OO   ^vO  OO 

^       O*-itxOjvq,Tr-'3-« 
"•v^T  of  co  «o  tx 


,4    Oi-HtxONtXMO>- 

<  vo"  of  '-f-  \o"  txo1  of  oo" 

£    ^'coSN^"0* 


•  C40O   04  OO  O 

•  O  VO    co  tOCO 

•  ^£vO    cooO  tx 

!  MD"  of  ^f  tx  of 

: M  04 


O  04  tx  i-  -3-  04 
tx  co  t>»  10  ^T  tx 

O^  0<  vO^  tx  »o  to 
-tf-  to  ON  04"  00"  Q" 
04  co  O  'OvO 


g>s> 


&OV5  O 
t<  r£  ro  **   to 
,-H   to  tx  O    <"O 
CO  M    04 


<  O  ^-,  -.  -„ 
.o  _T  O  co  to  H-I 


{     i   ^ 

«    O 

to  A  K 


5  q 

!?;   tx 

5  ^    tx 


« 


8  :fcg^8 

VO         t-i  O\VO 


j 

•    04  00   O 
•    co  1000 
•    COCO   tx 

:  'f  tx  of 

.ONO^H 
.     IX    h-(     Tj- 

•  tx  >o  H~ 
•  *O  tx  '  o 

ON     •     •     •   o          -     .      •      .      • 

?  :  :  :? 

tX           ^              p              <        <N^ 

:   :   :  :   : 

10      ' 

q 

:   :   :      : 

'  ON  04  00 
.    co  O    1O 

*  •; 

^ 

\'.'.      '. 

3   o  ^  H-  oj  to  >ooo  *- 

^S    >0^    CNCX)   Q   M"' 


)  O  O 
>  O  to 
)^O  O 


:  g>  g  S  v»  q  co 

Sj>St5s^ 

'    ^          <0  M    04 


'  VO   O 


N  04  ^ 
OO  \ 


i     LO 

!^ 


<  I 

0       I 

Q  L'J 

<  I 

Q     I    D 
<    T,    <0 

O    ro     - 

5!£ 
<2? 

°5 

O    UJ 

£  z 

ro 

Z 


to 


tx 

*O 
co 


>J-> 


1 


:t 


be 


CC£.X3'Or_<£UrtbJO>£t=£rt 
bpS  C  w  -3  C  -g3  £  bc^  J>  C  rt  •£  fc  -t! 


lllitili|iiillP.llili 


txOO   O\  O   I-H  04'  co  rf  tov 
H-.MM040404040404 


337 


f  JERSEY,  1911. 

road  System  — 
5K,  SUSQUEHANNA  AND  WESTERN. 

:OND  CLASS  ,  5.  6. 
4.  VALUE  NEW  PRESENT  VALUE 
Vew.  Present  Value.  TOTAL.  TOTAL. 

>O  \O    O      •   fx  Ol          O      T           •• 
Tfcol~x-01Ol         HH     rr         

O      HH      M          •     HH      l-(                               CO                  

Total  value  of  tangible  property,  $17,587  $13,657  .  ,  .  .  $17,587  Si  ^,657 
Value  of  sub-division  IV.  "The  value  of  re- 
maining pronertv.  includiner  the  franchise".  .  ,  ?8  600 

r> 

\r 

,        <*. 
01 

5       & 
U 

1 

3       «» 
en 

0} 

t       _ 

4             M-4 

O 

)     ^ 

I 

M         t-1      .         C>                 ...                                                                     ... 

w      're  o  £M|    :::::::::::::::      :  :  :  :  :   :  :  :  :  :  : 
z      *>   I    g    

.    o£    [ 

I  ti  £  z   f  I^R  :&S   :2  :  :  :  :  :  :  3      ::::::::::: 
PS  1      !    ?5-3  :~5  :      ::::::?     ::::::::::: 

RAILROAD  AND  CANAL  REVALUA1 
SUMMARY  SH 
Name  of  Railroad  —  N 
HACKENSACK  AND  LODI. 

—  MAIN  STEM— 
DESCRIPTION.  Value  New.  Present 

T  J  tf>^  (^  ,O  tf> 

si"  C*"'  JN.      •    Xf  HH        •     t-H        O              
5   1*   »J     .    M   ?*                    ^<- 

a     M  ;     01    ; 

9-                           »-H 

•  :  :  :  :  :  •  •  :    ^  :  :  :  :  :  ^  :  :  :  :  : 
:....:.  ^  •  :  :  :  :        g  :  :  :  :  :  y  :  :  :  :  : 
g,  •      .-...,  M  .  :  :  .  .  g  .  :  :  :  : 

!  ;  i  !  42  •  I'M  i   '.  \  '.  '  '.  \  v  '  .'  '  '.  '  c  :  '  '.  :  * 
:  :        g  :  :-o  :  :  :  :^  :  .^  :  :  :  :  :|  :  :  :  :  : 
^  I  I  g  ;  ;  ;  •  2  t     j3  a  

3        «  •'        go     g  .              :  «      :  :  -g  *f 

•a  g      ^    :           o-^c^                    •_.            •  C  C 

g  S     a  :       '-S  g    ^^               '1    f  :e8 

43.5        <uoj                      t^rt        aj.c^a 

^c/5gc«.         t«b/oc"^                <^         P"c'3'5 
c        ^  £     'H   :     ^w-jg  S^§u               p*§    .§  ^  &  ^ 
i§         ^§     E:     IS'g^tfrfrf    12     &§,^<u 
g        1|    j^    l-8^  |1||^&     c|s| 

*firf:id^!}ti     S^S^^^t)^     ^ 


22 


338 


[a       \£>     .  ro    •   o  r>.  <^o  ~*t    •              <~o    •     •   o           •     •     •     •  ts.  >-H     

tx       p 

^ 

Z 

<    t    eo    •  !?    •        ^^          ••        M     *     * 

rO        00" 

£• 

DH  £  to-    ' 

A 

f 
^ 

S 

III 
£ 

1 

fi 

W     •    ^       '    Jo     '    0*  ?5  to  ^      '       '       '  vS"      '       '    ^             '       '       '       '    Oj    "       

o?      : 

£  <     r^    '    i-T     '   i-Tod"                "     '     '  i-T    "      ' 

K. 

^.      L 

.j  «  g  w  :      :                •   :   :      :   :          ....          

01 

< 

W- 

S*"1       :      : 

<          .                      .....          .... 

Z 

^ 

£        1  x 

^       ~O      ....     rv^   ^      ....    ff^      ...                

>/~, 

CC 

^-           i    UJ   o 

rj        -^      _"      •                •        •    _-               '        •        "        •    ,_r      ' 

>     «  3  - 

"          £                  ....                        ....                ...                

0^ 

«    iS.^ 
2    »g 

llJ            "n 

j    sj       :      

;    > 
o* 

S 

"*                S     ^C 
^               .-     *     ^ 

•L     ":••••  vo    N      •                  •  o      •      •      • 

^       • 
^       : 

g               ^>': 

7    !-•     a)    III 

,      ^ 

rf      : 

O  ^    E  Z 

3. 

^  LI    re 
t  I  Z 

^  J  :  »   :     ^  "      ::::::  w      :  :  :  :          :   :  :   :   : 

6,       ! 

<         £« 

CVJ  t^    //x 

*ff 

D   *               - 
_l   > 
<   DC                5 

|   |       :      :                                                             :   :   :   :  : 

m   5                 > 

r^ 

SI        ; 

-1    o\    *  "^    •  o  rx  ^         I-H         •     •     •     -  M          

8;    • 

.   ^                P 

SJ      : 

_1   D 

^  tf) 

««^ 

<f    CO 

^ 

I 

5       i 

0              S 

^ 

•  «  £  * 

1     s 

03 

:::::::  g  ::::::  11  ::;::  1  ::::: 

!.;!;;?:::...;•  w  ;:;;;  rt  .;;:; 

*     ^                  "r,                                                 '             >^                                              <U 

ill 

Q 
<                Q 

•*•.•«-•'           —  ,       '        '        '        '     t/f      '        '     <->        »-        

•     '     '     '  r     '        e    !    '    !    "  4>    !    !  2     ^     '.    '     '     '     ' 

;  J3  oj 

flJ 

§ 

"g^-5 

1 

RAI 

Name  of  Railroad  — 

"A                      ^c^            'JS.S       «"«    '                w-rtS.cx5, 

cnj3         <s>                'cnbjOC"^'.                   "^              S"^'s 

s     §"     ?«   1      «-^s   5fe  •        3-3  .^§^^ 

«      j§         ^s     =         g.SP-o     S^S'ar-a     ^2     ^a^o; 
^       *S          bca      be          So^S^ijcS-tlG      ^          ^'"rtS 

W           ^              G   Q<        oj-      '£<+-ic/3-|-'«!a5SJ2~"c75>i        r-CT10'*-! 
Qi-j;            'rjrt       -5  oD                  c/jJrt         ^^JSa^1-         caj«! 
G               """"C           *  "&    hn       ^  ^    *->    r-                 r,    V        '  S               G 

•  ^     r/)            '4-'.G                      X             S,   G                     ^4->O22r-<        •>  2    fi             *•« 
T>°£    ^    f-i    bC'-1'  '~  'tr.J£TTl~V    C     _.    i2    b/lAi'^    ooJlj    G    ^    r^    *"*    V  'h/1  ^  *+J 

"O   £3  T3   ^  »Q   o   u   </j    y    j<   u   co    ^  o   W  F    G^JQ.G   u    CX  O   tfl.i:JJU   ^j 

Total  value  of  tangible  prop 
Value  of  sub-division  IV.  '"] 
maining  property,  including 

C/3 

rt 

C/) 

_OJ 
15 

M-H 

o 

CL> 

G 

P 

Ts 
"o 

t^  C^  co  ^"  ^-O^O  r^OO  Os  O  )~*  C^  to  "^j"  'ovo        txOO  ON  O  '^  ^  to  ^J"  ^-OVO 

IX  OC 

0)    M 

«> 

339 


z 

^) 

$i 

tx  to 

^00 

|;» 

s 

1 

c? 

^ 

c 

i    I 

5      w 

*    £ 

i 

WESTEF 

°gi 

|H 

w 

£ 

^ 

O   04 

OO         •     Tf 

0) 

•  to    

^i- 

J    ^ 

Q 

5^ 

.gi 

°srs 

^00 

W 

oq    •  c° 

ro 
^ 



1 

IX 

^- 

< 

Z 
Z 

5^ 
< 

> 

T— 

1 

I 

1 

o    • 

%    •    • 

to 

H-1 

1 

UJ  r 

o  £ 

<^   • 

3 

fO 

„ 

~>  ° 

o^-^ 

4y9- 

> 

-*-> 

Pf  " 

S 

111 
<f) 

tr 

UJ 

-3 

(/> 
>, 

cn 

T3 

s 

SE 

CO    C 

..  £ 

*.: 

'    S 
^ 

h 

VO      • 
^-    • 

, 

o3 

HH 

« 

UJ 

z 
z 

O 

UJ 

'ro 
cc 

<4- 

o 

<u 

Ci-  ,: 
05 

£ 

UJ 

z 

:'«S 

L  ^ 

r      ^ 
| 

O  OJ 
Q   to 

O      •  00 
O\     •  tx 

f^ 

g 

ON    

^3- 

$ 

H 

UJ 
T 

(TS 
Z 

tS 

&• 

o"  : 

t^ 

R 

< 

C/5 

^CM  s 

«8- 

—  ) 

J 

1       <- 

_J 
< 

% 

> 

CC 

^ 

(3 

r 
w 

i  i 

£ 

'       s> 

O^ 

2.        ^^ 

*™H 

p> 

y  x>? 

1—1 

cc 

•c;- 

< 

-      > 

-. 

-I 

D 

^ 

f? 

s 

<». 

~ 



1 

< 

z 

0 

Q 

Z 

< 

Z 

Q. 
0 

.« 

|\ 

::::::::  :Z  :  :  :  :  :  g  :  :  :  :  : 

«  :  •              :  1  :     :     :  I  :     :  :  : 
:  g,  :::::::*:::.::  |  ::::: 

t 
<u 
hi 

^ 

i 

? 

RAILROAD 

Name  of  Railroad  — 

O 

s 

DESCRIPTION. 

bJ6 

I 
p 

b£ 
'O 
c3 

rt   ^ 

Graduation,  
Tunnels,  

Bridges,  retaining  walls  and  culverts 

1  rack  and  its  appurtenances,  

•  '«  ^  «  
:•§::;:.  rf  :;.  3  -:::;::  |  i  :::: 

:z         :  ;«      ^  :      :  :  :  g,  :  :  :  :  : 

«'       '-P    a«f             ^     :  ig£ 

-M                          O                   !3    (L)                                       ^-i                          Q^    <U 

&          :'^£     -3                 'c     £   ;£H 

'^•5        i>cO                        «T  rt        aj^a43 
wf            '<«bJ3G-1-'                    "^           F!  "JS  '  a  a 

•2        ^£S    ^S               =3    l|lf 

§                03    bfl^          0,^   oT     «  co          00          3    g^ 

&       JfS.rlllii     S"     "tg.S 

=  ^   "SkS^fiSl'l^S  -£S<S§ 

sitj^ls'5-!  %M  ^£2  =.£  »i.S  S 

§OQ^coiy3O^r-H*-'o3j2ajc:ScnOUcn'5jt/3o 
i-ir-5"Sj.i1nj^i;O(uri       .  ^  _z   u.  '.  '•'.   r^  n  ni  si  r  *~!  Jr. 

j-i  O  PQ  |_  3  ^  PH  rTi  Q  ^H  £H       P-i  p4  O  ^  t/2H4Pn  fe  ^fe 

<L> 

s 
"rt 

>;> 
ti^ 

IT 
1> 

J3    C 
'b£0 

11 

11 

£  « 
*rt  M-I 
>   0 
,  —  i    <U 
rt    3 

1^ 

5= 
a: 
u 

M- 

<L 
^ 

bj 
C 
'C 
^ 

| 

> 
(. 

0 

| 

b 

c 
'H 
'Z. 

•u 

> 

J8 

3         rt 

3 

8 

S 

•»          , 

*c5 

*       *0 

*       ~ 
D       ,5 
a3 
> 

13 

0 

£H 

HH     W 

f3  rfr  to 

o 

1X00    O\  O    >->    <N    fO  ^}-  tr>vo          t^OO    O\  O    M    oi   CO  TJ-  tovd 

txOC 

C^    (>) 

^ 

340 


UJ 


*2 

CO  D 

-«  <o 


•^  04to04OvOOOvO'^t- 

>  tOOO   CO  O    l^  to  I-H    to 

•a    •  o4hHi-iONOi-itoto 

^  <  00"  w    04~    -" 


04  to 

co  r^ 


O  04  O  »-<  Tl- 
i^x  co  "^t"  to  TT 
O  04  ON  t>.  to 
Tt  to  rf  04"  OO" 
04  co  O  to 


ON  Ci 
to  co 


ri 


^ 

to 


•J5  O 
DC   > 


<D    UJ 

£  Z 

rs 


<    "J  O 
CC   DC   > 


<0   UJ 

E  z 


3%  £8 


ON  04 

04"  i<  of 


|£3 

ON  t^  to 

T?  of  oo~ 

CO  O   to 


o^ 


W 
H 
CO 

z'  5 

si, 
fe 

UJ 


'sj   \O  to  O   O 

S     P-H  OC   co  i-i 

• 


•  *»     0404t^i-iN 

CM  s    to         0400   ON  M 


vO  to  O 

HH  GO   ^O 


:«« 
:R» 


04  VO 
1^  04 
CO  co 


04   04 
^0   O 


1 


tx.  if) 

ON  to 

co  ON 


I  o  to  to 


C7\  i<  T    co  »H  to 
to  i-i  to  t^  O  n 

CO   M     04 


Q  ON  o  to  o  to 
OOO  ON  •N  VOOO 
04  ON  toOO  vo  ON 
co  o"  o' '  co  to  i-T 
O  co  04  to  ON  to 
HH  10  N.  04 


S&&C?' 

00  ONtOOC 

cK  o~  o~  co 

co  co  04  to 


E 

be 

.  o 

C/3 

rt 

.    .  c 

V- 

c 

rt 

•      '    tn 

•J«l 

•     8 

11 

^j 
rr)   ^ 

tn 

o> 

'.    ^^ 

G   £  • 

' 

:  "* 

G   C 

r~     ^ 

rt 

!'43  «j 

'—'  IS 

* 

'  "? 

•g         £  g 

rt   £ 

be 

•   rt   C 

c«~  rt 

§         Cii  P< 

b£ 

c/}    ^ 

11 

1 
rt 

^f£  53 

J^ 

c/T 

u 

S-i     c« 
§1 

S  "c  3  3 

^n 

R  3 

K/l    0. 

bfl 

^J     CA1     Q. 

0 

•g 

^.S"^     rj 

a 


g  o  o    • 
o  to  to    • 

vo  O  f?    • 


00   to 
VO  to   _ 

ON  o^  qvo^  q 

to  r^  -^  co  M"  to   \ 


I    to      • 

!%  : 


»-3   ,/-  cn    >i 


ON  O   M   ^4  co  TJ-  tovo         1^.00   ON  O   ^   01  co  r}- 


txOO 

04    04 


341 


I  i§   S  a  s> 

CO     .      .      -00      •      •  VO            ....TJ-           ....                QX         f?j 

% 

z      <  4  o"1     r<:     ^F  ^? 

.'  i  i  ^   '  ;                                             o"    oo~ 

& 

f£         .>   <     tx                                 01 

t—  i          ^ 

fO 

£    <Dgg^ 

& 

l_      §H 

CO         £ 
"        £ 

Q       g  4  ^       ^       ~-  "2 

ir>     •      •      •   O      •      •  00            ••••to           ....               co 

Z   tow?    R       ^       ^ro 

.*.*.*  ^  11         i  .  •  i  .         .'  i  ,*  i        to 

<  IO3,2  69- 

~      ^^ 

^" 

1  $ 

^            **-    f    x  (£'"'$,  t^   ' 

c>          1   ?•    1      a    ON    •    •    •  tx  N    • 

^~             c    UJ    C/3    .^x     rf     '                      t-T 
C     —  ^    IT}"*  *j,     I-H 

.:::•-':::      ::::::::::       oo 

sT         <u  3  is-      s  69-   '. 

•*-•  0     >     ^ 

s   Ssal 

JJ                 (0   Q                    ....-.« 

f*    I    !        '!!!!'!!'!           M" 

">         o^O     1  °o\   '•    •    '•  ^oo5 

:  :  :      :  :  :  :  :  :  :  :  :  :        S5 

^         =   S  Wco^    -     '•    :    l. 

•      '      '      '            •      '      •            <N 

s    g  s  f*!  #  ;  ;  : 

Z           CC    ?-              a 

.    o^    l 

2^  H*    v  *^*     /^     ^   10      o       ^so'iO 

2  S  1  z      "«  °     ^    ^^ 

^    to       t-^        ^  C^ 

co    vo          ....Tf         ....             o 

<    5    Z          1^1  « 

•.    \  ;  ;  ;  :  ;     \\\\     ;  ;  ;  ;   U 

D                     ^      SJ 

$S        ^ 

^    ^.                             .    to        O     •  VO   M 
Ul^;                  ZgO         rt-    •  M   O\ 

£  i     v  ^  1  ^    ^  °°-vo" 

""5         ?•  ^  .«  in      tx      toM 

10     00             ....   to            .... 

i   -»         DC  S-^7^   "^                     fo 

_1  D         r\           s  ^3- 

HH 

<  «       r        -3 

Z                            ^ 

0                ^     ^ 
UJ                    

o          z            :::::: 
z          Q            :::::: 
<          z            ••••,- 

«j   c/r  «[)- 

C           *           '""'en*.                    cJ                 '*                    O^ 

[ 

3 

Q          <                      :fi 
<          o            :  :  :  :  ^  : 
2         <           :  :  :  :|  i 

CO                       ....    0 

CO                                     '  *r)  ^ 

S  :  :  :S"1     si-  :::::!::  :-g^    "S^^ 

3 

H  Cj 

3  1 

<         <       .    -:  :  :  :^g 
cc         Q.      55       •  :  :  rt  * 

O             .             ^  rt 
4H             bC              ^    g 
g      .S         S  £ 

W            ^               G    ^ 
=               Q           be           •£  rt 
ns                            .          »»-c  (/i 

oc                   'g   .     B-- 

0>                          '  _C  2  ^  <u 
Z                   hSoOHM^^ 

*2-S      o^l             e/r^      ^-S'S*     ^Ksj  ^ 

«                   en   bfl        c  -^     .                   <u              S  "S  S  3         cu!-5"- 

•S       jfjgS    Js  •      ;    5-3    .1111    |^! 

g                a3    bfl^j          g<^   en"     ^  _j«          O   O         ^  C          ^          b/5  O  ' 
bfl              Q)  S    C      ^^H    ^   ^  42   C          ^                l>"!2    aj   C          S'.S  -i 

^.S      j«  *^  ^'S4'c  "^  ^^-MO^^    -Sc^^      C)' 
^om^SfSSoHH    SwoS^3(£te§to    ^> 

j  I 

J*  ^3 

D  rt 

2-  MH 
D  C 

i  <L 
^0  ^ 

s  > 

3  *n 

5  1 

M  oi  co  TJ-  vo\d  txod  o\  d  M  <N  co  -^f  uivd 


o\  o  M 


342 


343 


344 


10 


Xi<-o<M 


to  10  to   CO  CO  10  04    ioto5oN04    ""200  ' 

^^sf^ofjfS-Se?     &t&£     o?o?  :^^^^.^ 


S     2 


M  oi  co  TJ-  to\d  txcd  d\  o  M  c4  co  ^t-  tovd 


345 


W         CO  O 

&           IT)VO 

hJ         O    <N 

O*O           ...  QS,  O     •     •           *  O 

3[   '.51   -.-occo'-        •  o 

04 

VO 

1O 

o 

t 

>      \f 

'  ? 

>  « 
in 

>4    ^^ 
:>*<£    w   M 

fctS    rvT 

§  -^     JCM  •  •     :^r 

rJ-i  .  M        ;    ;    ;        '.'.'.'.                '.        '.  vo 

g 

1 

h- 

:  s 

| 

wH  ,°J 

•^t 

3 

_j 
< 

I 

8 

£ 

j>        co  Q 

|.lg"« 
«  <    toco 

ON     •  00      •      •      •      •  vo'  W      •      •      •      •   8\ 
ON    .  vO      ''''OTf''''OC 

CO 

&3 

T— 

-  u 

I 

UJ 

_i 

fF 

r    S  K  : 

?j     .     .     .     .  _T         .... 

^ 
E 

o 

essors, 

0> 

1 

y 
y 

:  :  :      :  :  :  :  04  :::::: 

f 

0) 
en 

< 

f  JERSE\ 

a 

(0 
CO 
•a 
g 

^M 

c. 

a 

c 

r     *o  |~( 

a; 
5    .  ^ 

\      ^  vo 

^9- 

u"; 
R 

"o 

*o 

IN 

a3 
O 

PQ 

£ 

LU 

Z 

Z  H 

0  HI 

're 
DC 

s- 
0 

<u 
re 

c/ 

'  g^  ' 

^  00   o 

i  ...  o-,  ...:;: 

eg 
4^- 

OJ 

& 

<L> 
_rt 
^ 

A 

O 

<  5 

Z 

3 

-il" 

^    -::::::::::      ;  :  :  :J-  ~  :  :  :  :  Sr 

O 

o 

CO 

£ 

_j  > 

<  cc 

III    «-. 

fl 

*- 

(2 

r    3 

O         10     .      •      •      •  o   I-H      •      •      •      •  O 

<«- 

.^ 

sment 

^   ^  °i 

O;      OC^    •>     •     •     •  10  N     •     •     •     •  ON 

t/5 

<u 

^ 

* 

•  ^    ^'OO 

ON     \o~   .    .                                                    *  vo  rf   '    '    '    '  oo" 

^1. 

_J  D 

z  ;> 

"~-  a.w 

St  .  9.  *    !                                                    '01                    -^- 

ON 

<r 

<   CO 

Z 

O 

o 

z 

»l 

o  I 
o 

0 

g 

:::::  ^  ::::::  >rrt  •::,•  o  
••„••§)  OT  g...:. 

IO 

6^ 

i 

"8 

<L 
cr 

? 

o 

o 

cr 
_j 

z 
m 

Q 

:  :|  :  !9  :  ':  :  :  «      :S  ':  :  :  ':  :'  S,  i  i  !  :  : 

:5  '     8  :      :S2     8  -  :  :  :  •  :§*      :  '^ 

>^ 

»—  i 
|H 

he  value 

g 

CD 
4^ 

i 
% 

< 

flC 

Name  of  Railroad  — 

MORRIS  CANAL  ANI 

DESCRIPTION. 

i.  Land,  

2.  Clearing  and  grubbing,  .  .  .  . 

'•*%$     15  •      :.2       .S  «  '  •   i  i  :-a      -  :  ^  o3 
;|     ^  :      :'|-|    «1  :  :  :  :#^     S  J..I.I 

||    1  :     »-£g    1  b  '  :  :  :»|    ||l| 
!>  in     3  «      ^  ™3'o      ^^w  c/r  ^  ^   •  o  o     3  c 

C~        "S""1          ^c^^'O'rtaj'^'S  *^JO  5   O  |5    U  *""  "?3    O    ^ 

rt   S"-'    ^   C   O   o  -2j.J2   OT   O   ^  ^-c   ^   c3   C    (L>   rt.^   O   <->   ^'S   J2   o 
CO  •*$•  1OVO  tsOO   ON  O   i-J   01  co  ^f  v/)VO         txOO   ON  C)  ^   OJ  CO  ^f  u~,VO 

o 

^0> 

13 
'So 

1 

M-i 

O 

a; 
> 

"o 

{H 

IN. 

01 

in 

i—  i 

c 

.2 

*c/5 

.'S 

'S 

i 

<-M 

O 
<L> 

rt 

00 
01 

maining  property,  includiner 

j  « 

co 

rt 

en 

^ 

L    i 
*rt 

M-l 
O 

OJ 
^^ 

> 
"o 

» 

346 


W          if 

5         O-CNCO-00             •      •   g      •      •    CO 

:  :  :  :  §  : 

Tt            O             •<*• 

oci      o      co 

>i™ 

-     f  :^5  :          :   :  ^   :   :  N 

:  :  :  :S  : 

'.'.'.'.      d     vo"      tC 

<O{-i  g 

^      "^     ^ 

1 

Q      £ 

!i!           £           " 

5     .   rrs     .    M  vo      •   Ok    •'"'  •      •  *O      •      •    t^- 

•  :  :  :  :^  : 

(M 

t         £$£ 

.   .   .  .  t^  . 

of 

VD 

//\        ^^    »-}      ^ 

'   ^^ 

t—  t 

<           < 

!'.!!!      <^> 

-1          > 

O 

=  [*n 

c         r^>   A 

<N      .      •      • 

:::::::::  :§   :   :   : 

•    •          •     •       01 

M  j  i  .  i 

>         £         <  *  5 

ill           o)          i_T      <-> 

£      &•<•>,? 

•y.                    CO                                   d, 

5  '  i  •  8  < 

vg       '       '       ' 

o 

->    s    o  ? 

X   .   .   . 

:  :    :   :       ^ 

>         '->  < 

^                  '                       WfV^   f 

Uj          rt         oj     .s 

z.~     [2 

Z    I-     <D              r       ^     i/ 

o   LU    P                ^    r' 

J-CO-CO^H      .^      O 

N 

2™  1         £<K 

<-Z     1-1 

>      •    HI       •    t^O    '  •                ^ 

h  •  -r  •vovo"  •      ::::.:: 
:  M  ;oo  <N   ;      .:.... 

•    •    •    •  o    • 

:  :   :  :  :  MR     : 
:  :  :  :  :     § 

3>      «  z 

<  a.          s   o. 
SI       .SIS 

DC    5          >    <     >  ^ 

*    *  O     *  ^O  O      '   *""     C1 

^       .     (V}       .     i—  i  \,Q        .     Q\       jNs 

<^ 
:  :  :  :  :    ^ 

,  ->       r-  S*~  ^ 

^  co       51-5 

i'iS^;      ::;::: 

:  :  I  :  :  ':  |            : 

<   OT          vJ           -^ 

<   <t^ 

UJ 
Q             0 

z          o 

<             /-» 

to      •      •            •      •      •      •    o 

:::•:  :|  ::.'::::« 

•  o 

•    •     •    •  o 

I   •    '   •  c 

.    I         .       rt 

<^ 
:  :  :  :  :       fcV 

M    W5 

:  :  :  :  :        o* 

^                Q 

Q 
<               < 

§       t 

-:            O 

:  :  :  :  «s  :  :•%  ::::':  :* 

:  :  :  fc  :  :  ^  :  :  :  :  g  :  :  % 

'•    ^  s  1    !P  Ssr 

c  ^      "5    '         rs  <u     s»s 

t: 

!  :  :  i  :§, 

...               .    Oc 

.     .     .           .   oS 

'    '.    !         I'd 

4>    C 

.  S^        « 

:  :^r^     K^^    _§ 

'   :  g  g     S^1  g>    ^ 
*r  •  c  c     o-  .       w 

R^ 

Name  of  Railroad  — 
ATLANTIC 

DESCRIPTION. 

T.anrl 

:        §^     ^         :g.g    ^^ 
^g     «•         •«>§>     g- 
c        ^42   •§        ^2£  «     ^  Sj 

1     Ua     Ill  .Is 

C    Oi          m       ^        "*^  *  M           ^  -*-*    rt 

and  track  cranes,  .... 
Pintsch  gas  plants,  
Electric  light  plants,  .... 
Grain  elevators,  
Miscellaneous  structures, 
Shop  machinery,  tools  ar 

Locomotives,  
Passenger  train  equipmen 
Freight  train  equipment, 
Miscellaneous  road  equipi 
.  Floating  or  marine  equipl 

.  Total  value  of  tangible  pi 
.  Value  of  sub-division  IV. 
maining  property,  includ 

.  Total  value  of  all  items  a 

H 

H  c4  co  rt  lovd  txOO  ON  d  >-<  c4  co  T}-  invd 

J>s.OO    O^i  O    t""1 
M    M    M    «    M 

W   CO  ^  tO'O         t^OO 
NCJINMOJ          C^Ol                <N 

1. 

-UNCLASSIFIED. 

5.  6. 

VALUE  NEW  PRESENT  VALUE 
?.  TOTAL.  TOTAL. 

5  $21,629  $21,629 
16,890  16,890 

347 

D   to  10  u-j     •             •    tx     •      •  00            -...i-H--O'O 

tx,          C 

C^)          ^ 
Tf-          U 

1 

0 

1 

CN 

1 

^ 

r* 

•>      c 

vc 

> 

\ 

" 
•> 
^ 
>- 

1 

H^    <U 

•^    O* 

.si 

O  GO"                                                                                     OO'  <N*         rf        O* 

O    04                   ...                               !                               ;  VO      '.    i-1 

^-hH^lQ-      •      -tx-      -IN.           •      •      •      -VOO      'O      •   O 

"OcoW           ...HH-.                 ....   ^j-vo      .5      •   ON     • 

3$         :    :   :       :   :          :   :   :   :  Z  *  :  |  :  t?  i 

T—              JL.               ^     IN.            • 

0>              C       |Q    00 

*-         5  e/j  .^  K 

to       ^<fr-      ^ 

>         &<    ! 



uj       </)  H 

CO               „    U         * 

o:       ^    ^ 

-5      i  g    ^  <&•::: 

•  to     •     •     •      •         O                                             •  rf     

>          ns  O     >    r<    •    •     • 

>      «g«52«-  ;  :  : 

z    Jl?     '•• 

aiiji   |isi<tn 

i-  i          >  s?  :>£  :<| 
<*      Z«l*\      : 

3>     g  H 

<   DC          S     ^ 
>  <   i,i  K,       .    I-H     •  o    •  - 

ESE  S~  i  K  Jhi 

DQ"-)1^     OO             •      •      •      •  tx  l-i      •   O      •-  O      • 

DOOOTf     to           •      •      •      •   co  £,     •   rr     .   O      • 

B  oT                                       '    "    '    :  ^  N"   '  vX  '  2    • 

^rx.ojo    t>.        ••••t-iO'O'O' 

^l^txO     tx           •      •      •      -rt-Tf-O      -to- 
~O  01    01             ......                   ....   u-.vo      .    M      .   ON     • 

K!S  o  ^  -^  ^  "^   -  < 

-i  D  i  ^"^  w-  :M  :! 

<  co  eo        -5 

i  !'\... 

Q         v. 

^oo"            ......            !    !    !    '.  oo"  ^f   ;  T?   ;  to   ; 

"^    <S    

h-             ;2   .   :    .   .   .         a   ;             ;  c   :   •                  MH-S 

O                                     ....      ^        ...  rtj       C         <L>     JH 

/•  •»                             .       .       .       .    U       .                      _-      .       .     r  i       .       .       .               .   t-1       .                                                ^H    ™ 

RAILROA 
Name  of  Railroad—  ATLANTIC 

DESCRIPTION. 

.  Land,  
\.  Clearing  and  grubbing,  
.  Graduation,  
r.  Tunnels,  

>  :     G  ::::  «  ::£:::::  s  :•;::      ^>  ^     «  ««  ^ 
-.     S-..     12  .     i3..:.:a.::           ^^^     ><^w 

3  1     «  :  :  :^2     s"-  :      :  :  :^      :  :-~c~     fef5    ^^f^ 

18  a     :'!l  «l  ;      :i  ^;ss  §*M  :i^ 

5        ™            I-2-r       «  «    I               ^rt       g    .  £,.&      a,-^       rt       aj 
n  JS        c«                 c«bjOc:-|-J.                 <u            S'"S  S  •          ^P-*"        »*O  o 

31    1       jssS    5fe  '          5-3    Illl   3^^     g99 
^     a         g.^f-o     g'^s'rfrf     ^-2     &g^<u    'S.2'^    .tJjjg 
scon     «        ooSis-^cS-gS      •>         ^'3^.S     S.2-P    ^rt"c 
^    JH  ^    >s.^  «  S  ^52^*3,??  «  u      cg'Srt     •"•-  £      *'S'S 

3§    ll^Sl.!*!  J*|2S.lrfS.sS§    °2£    "Sf6 
s-s    °lf|"I-S*JfSallllKl8-S     §§S    SE-S 
fSS|t|||l3||fi^||l||J|^    «-g|  -g-ss 

rS'l'S-g'B^galg'pls^-S^ali.S'^'-S     3'S-S     -«§^ 

-rtcoo^c/5t/3C);:s'-::;;4f;3Caj"5c/5C>uc«(L)W)o      •*J'-H  c      +j^o 

-«!-i<Ui-i'-::<"r.lI^o34^O<L>^3        •—  1»—  IJ-HV^rjncjl-iII^'—  <          O^C          O^^1"* 
^HfeOPQ^^PMC^Pj-ijH       PHpLfOS^^fl^fo^ptH       £H>            JH^> 

O  O   i-J 


irjvd 


^   oi  CO  -4-  i/5VO 


txOO 

0401 


348 


System  — 


o  fi 

y  * 

U.  «4 

«>  ingo 

(0  5^ 

<  < 

_i  > 
o 

In 


-2 


C/J 


*       I 


2<^ 


O 

Z   H 

0)              r 

0  U 

s    r 

-    UJ 

re 

i5 

z     1 

D 

^ 

_l   > 

<  cc 

H 

>   < 

UJ   S 

2 

^1 

0  < 

-I   D 

I  ^ 

<  CO 

0    I 

z 

o 

Q 

•       Z    L 

< 

0 

z 

111 

< 

DC 

0 

Q 
< 

1 

0 

H 

DC 

_l 

_l 

< 

m 

< 

.OC 

-2 


o 


] 


f&'& 

&-. 


^•  «-«?   tfy 

*iz  i*»-rl«|1 

1  1  2  §-c  2  g  2  o  ^^  « 

JOOfnPQHfeOMM^PH 


.fl1a  i  Sill 

.a  -  .2 


e 

ft 

^QJ 

3 
'5c 

rt 

MH 

0 

<u 


ts.00   O\  O    *-< 


0  cK  <N*  CO  ^t"  iOVO 

01  M    M   N   W   M   OJ 


349 


<N   O 

OO    Tf 

o  01 


HH  O 

00  tx 

01  00 

K  10 


01    O    CO     •    ^-  IO  10 

OO   Tj-  CO     •  VO    tx  01   ' 

O      01      "^~        *     HH      1_O    HH     I 


00 

10 


Z  H 

O  u.1 

£S 

3> 

<  en 

II 

_J  D 

<  CO 

Z 


I 


O       £ 


re  H 
DC  _J 

O   CQ 

4) 

re 

Z 


& 


03    C 

•S'Eb 


It 


CJ    03 


•  10  O   Q 

•  10  04  OU 

!  of       of 


f       i  10  O   O 

•     IO     CO    Tf    O                     HH 

.:::!§ 

^  K       VO" 

_'..^     l^x             Tf 

•^vS"        W            ^ 

.   .   .  ^ 

s      <^ 

4      2 

5   i 

H    l^oTS 

.'"S'S  ^  8  :  •  •   '   :  •  i- 

•     •     •  rx  04 

•HHHHHHC^     O 

:  TT  o,         M 

.      HH 

^  y-\ 

•$. 

^^ 
tj  o 


•3  s 


~ 


1«1  I 

betO    ^  -ti 

C  '7s  £*•>  ^_ 

*:>b  ^ 

I  *O    CH  M-4' 

S-§e  ° 


:-o         -3J2      |B  h-s'H|'5,l*J.^"H'£S3  S^'ec'S  ^     '"SS     "° 

ill  Ji^HiHiiilHllllHi!  II &  I 


M   0$  CO  TJ-  »O\C  ts.00*  O\  O   IH   04  co  ^-  lOVO         txod  ON  O  *   oi  CO  rj-  irjVO         txOO  O-- 


350 


Id 

4i 


2s 

00 
of 


EW 
. 


it      Z3 

<»  io»S 

<  r 

o 

I  r  S 


c/j    .A 

r? 

u     2 


s    = 


grf3i 


a 


° 


z 

h 

0> 

0 

< 

SHEE 

£ 
ro 
Z 

D 

_J 

> 

< 

££ 

> 

< 

UJ 

DC 

^ 

E 

_J 

D 

< 

CO 

Z 

< 

o 

Q 

Z 

< 

Q 

< 

0 

DC 

-I 

< 

DC 

2 

nt 


•    •         ^ 

x~* 

^*^  ft> 


< 

=!  I    ^ 
< 

DC 


II 


« 


HH    C<i  CO  T}-  lOMD  Kod  ON  O   HH    01  CO 


•  04 

•  in 

•  O 

'.  of 


•    IT) 


0000 


n 


ON  Tf 
04    CM 


•5 


o 

Z  h  o 
O  W  £ 
^  UJ  re 

t  I  z 
5  to 


Z^T^r^ 
«  ^  ti  .^ 


Q. 

O 
Q  O 


Q   Z 


•        •     Tf       '        '         '        ' 

•      .   ro     •      '      •      • 

•  i_n    • 

:  :* 

•    •  o 

.    .  >-< 

.  PC    . 

•      •   CM 

::§§:::: 

;     ;vo"    ;     ;     ;     ; 

•      •  O_ 

!   ;  of 

-VO 
~ 


:  oi   ;  rr  -vc 

;  HH     ;  ^     ;  Tf 


be 


a  c 


be  a 


en  be 


5  "o 


1  :S 

g  ^.1 

IP 
?-t1. 


Q   en    _,         rt 

-t>     3      C     ,--    VM 


1,52"  e^1  rt   bJO  g 'en   o^ 

!  T!  "^ 
S3   « 


C  3 

rt  o 

-  ^  £ 

•Z!   JJ  "^  5 


«?  b'V'o'y'n  ^^  "  g  S'g,? 


^^o55  cx^^cc^tJ--"ao3o.2fo^       rts5      15 

^^s^^8-Ssrt.s^s^jg^^-^J    ^-^a    ^ 


I-H   04  co  rj-  in\o  txCO  ON  O  M  CM  ro  TJ-  Lnv 


352 

W        to  Q    ON     •    O    co  r>»CO      •      •      •    CO  ON     •  'O                   ••          r-OCO-Q          O      • 

i  § 

i 

^  4'  c»s     «o  i  o  *•«    ^8  i  i  i     co  ;             *   ;             !<N         ; 

f 

.      Q                     PH 
HI                  s.       to  O  ON    •  01  t~>.  ""ovO     •     •     •  rt"  vo    •  OO               ••       "O  ON    •  O        O     • 
—                    *       Tj-oco-OOiONO'<>lO04'Q                 •'         O  f~>i     •  Q         O      • 
|j_                 W}ooON'Oix*o\cO'''l>.ON'O               ••        rx  O     •  CJ        10    ' 

CO 

LT 

uj       %        *°§H^     ^  :  "      J   '   •   •                        :   ' 
ui      <          <              :              :  :  :                    :  : 

5      o 

>•   ,  D        [*£:::     £5    <??,:::  38  :         ::..::::::: 

££                                      "3  £?    •     •     •         01                 •     •      •   ir^Il?     •                 

O4 

5  J                  -?   -  .   •   .     ^          ...      1  .          

<      C                         r/}     .^    I-H       .      .       .                                  ...             t      .                    

|  |           »*!«•  :  :  :                       '               !  i  ':  :  i  i      i  i  :'  i 

VO 

1*          dl 

•O                      O                                            04          IN.                     rt 

•O                             Q^hH----CO                      •••tXQ\-- 

CO 
04 

Z  |           |^4  :  :  :  :            :  :  :    ^  :  : 
«-  J5           ^^      ....            ...         
.  a            i    ?      

>     4-                                       ^ 

UJ    ° 

DCE                                       >QONOON-Ol8cN'^------l/}             ....    4vO           to          10 

1 

4t 

VJ- 

^Z                            •<acoco"O'-HO'                                                                               ^ 

? 

UJ                        W      g 

z               S   ^ 

•  OOON-Oli-OcoON     CO            •      •      •      -OON         O      •   O 

^      a  S  o  ^>   •  6VQ'  QJ  g    *    *    "    *    '    *  2                'o*      S'S> 

CO 

%       E  «   <  -^  co  04"  i<  :  M  io  tx  co  :::.;.  of      ....     ^     od  .  04' 

O             L-»'—'^"cocO|-iMDOO                                                                                               co. 
—          ,Z<5       ^4/3!        ^-MTH 

to 

i-        H                ^^^ 

(/^ 

i  l!l! 

<           x"   •        y  <£  

>       g  o  ? 

uj      —       n<        2  8  c: 
a:          Q:  Q.       ::::•::  gj  ::::.::  ^  : 

g 

l~"1^- 

.   "tn 
>-,    0) 

^0, 

«i      z    .  |             ::£::*:         :  1  '  :^  :  :  :  :  :  ^  :  :  :  :  : 
<     o^o       ::.'*>'.*>••'•$      •  «  -• 

z      h  ^  ts        •  •  :  :  ^  :  :  rt  :  '•  '   '  ^      *  i  :  :  :  :  :  E  : 
<      z  o  js                   3  .  •     -n           £  o     «"      i  '.   :      :  rt      ;  '.  tT  tf 

o  H|,     it  t    Illi      i  till 

2-                     P    ^      0                              cfl    rt          cn~                     «'5)        S  •*•*     I            '          ^                B   r*'3'» 

<   ,  Q  m  g  g      g       ^  g    *2        „--  S    |  -  •  :  •     5-g    .11  S4^ 

S  i  <  *  'J  s   i     ^^   ?     I-S'S   t'Sf'Hi*   ^2   &l^^ 

<re         5j*j^      *S          bflcx'3'0             vi^    -"^j  S  H  ""^           "    -      ^  '5  rt  .5 

i!i!l  ^ii| 

1  3  s  1  f             |;|  flild!  ;|  llff 

jl 

rt  tj; 
!>i  a. 
"C  ^  *£ 
a^  & 

il 
iit 

ii  J 

O  '  C 

%i'l 
i^.l 

t 

< 

0       " 

i    ? 
j    o 

5 
^       .4. 

?     ^ 

J            C 

i,      <+ 
)         C 

ll       fl 

JD      J 
;         c 
2         ' 

3        *c 

:      t 

Value  of  materials  and  supplies  in 
for  use  in  maintenance  of  R.  R-  pr< 

0\  6    M    04    CO  j4  lOVO          1<OO    O\  O    HH    O4"   CO  ^- 


353 


ID       I^v£>   O      •      •  ON 

3  ;;;;;;;;   ;  ;  ;  ;i     :  ;  : 

fj       C 
01       C 

<v 

c\. 

5 

^  .j4*5"      6f   "    '  ro 

r^       i- 

OC 

r 

^3- 

^ 

»• 

ti 

5g§ 

Q 
UJ 

|£ 

^      00  Tf  O      •     •   <N 

ir-     .    -rf     

<^: 

u. 

Iz;  <  w-      c\f   •    'oo 

^  :  :  :  :      :  :   :      :;:   :^  :::::: 

•^ 

•^  w^ 

S,° 

t^ 

CO 

S^1              '.   . 

^ 

_i 
o 

7. 

> 

' 

JM" 

V 

u 

C^ 

1     y 

^  ^-*- 

w- 

> 

fc    « 

t    5 

u 

CO 

DC 

tU 
X 
CO   C 

^          V 

>     *»       0 

-D  * 

H              g     VO                O           •           •      O 

.                      Jj     

00 

m  C 

)      §  m      &     •     •  Is 

•     •     •     •  t^    

»O 

> 

o  c 

;   >^-         :  r  cf 

•^J- 

•s 

*-    I-1 

T      • 

^- 

:co  ^ 

....  c/ 

z 

cc 

>f- 

0 

.    ^ 

« 

-    i  ^-^  §  :  :  ^v 

^C 

u 

111 

1 

rx 

5 

X  ^^      ci          of 

rf 

1 

re 

«4 

< 

z 

oj  "^ 

* 

fc    J; 

i    *            "  : 

_J 

< 

>- 

DC 

(i 

fr 
y 

3      S 

;  ^ 

UJ 
re 

S 

S 

J- 

;     i  01  \o  o    •    •  ol 

S  <-o      M    •    -oo 

CO       •        -        -        •    LO       

c^' 

»JO 

; 

I 

E 
D 

S 

j  .55*^     c-[  :  :  i/> 

?a 

; 

CO 

Z 
< 
0 

a 

z 
< 

LJ 

H 

:::::::::_:::::-::::: 

£j 
st 

i-^  ^ 

.     VH 
^    <L> 

O 

LROAD 

0 

S 

0 

oc 

•   u 

.       .       .       .    (U       • 

....>. 

•    »T-1      CO 

-    •       *7> 
"O                           co                                              '   V-,      • 

•  X     •              •  cu     •     •          •                   •  3     ' 

:  9  :  :  :  ;  g      •      :  :  :  :  :  g.  :  :  :  •  : 
S  •  :  '•§•«     g  "  :  •  •  •  :^  •  '  •  §  g 

J| 

1 

•«  a. 
'H.p^ 

C- 

< 
oc 

Name  of  Railroad-  —  FER 

DESCRIPTION. 

Yand,  

Clearing  and  grubbing,  .  .  . 
Graduation,  
funnels,  
Bridges,  retaining  walls  am 
Prack  and  its  appurtenance 

J?     '      '    Itfl  «       5--^     ^       -M     •  C  c 

:S.s    o^-0  :        c/r£    §  :&£ 

CO.                 tobflc             ..!          «J                 C-tJr-j 

'S-      «r  -^  B      °       •••      --^     £0^0^ 

^     ;      ^^^      *         .  .«.    «      iJ  0      .&|cuc; 
i-              cj    fcaCTT-j         C^LI-I   t/T        w         O   O         5i  S 

So  :     |'g|'   •§     |f|     2"     ?-f*S.8 
I's^l'S  §  a|  &ili'fj  I  0.0  lill'l 

COo^.^^^o^^^Cajg.^O^^cJ.^O 

^  ^  b( 
03  <-M   C 
>  O-- 

If 

c 

3       JE 

^rt 
t 

/alue  of  materials  and  si 
for  use  in  maintenance  o 

co  TJ-  10  \d 
23  K   S 


Kod 


354 


92 


ir> 

<% 
</> 


ir> 

I 


*      I 


!*& 

<  < 
-i  > 
o 

Z 
D 


•  O         'MO* 

•  Oi     •  O   tx 

•  1-1    -oooo 


CO 


£         = 


D 

<   DC 
Ul   3: 


«          x^'- 

*         B 


ai— (     LO 
^O  c^ 


CO  < 

DC  -, 

UJ  1 

? 


Po 
01 

:vo~ 


J5 
O 

g 

1 
H 

Q 


rt 


,  •'-'    «J 

*"O  "    rt  -^ 

s§  :"2'i 

:  t>c  'j  to*-  ^  J3 

fillts 


be 


O 
?S 


bfl 


tj 

,  a      2 

1*5  cn"^ 


;  o  <L> 


-    c 
.'-5 


'^-^    O    ^     fi        -UC^£ 
^G    ^      ^!  '  ""'      ^    -4— >  •*--      ^ 


rt   c 


•§» 

05 


a|  S 


^ 

ll  '-8 


C   a;       . 


^  UJ  be 
rt  s-i  c 
P>  0-S 

^  w.S 
rt  3  rt 

O'rt    £ 

H> 


tN.00       \  O   1-1 


355 


o     o   •  5   •   •  <|  -so   •   •  "•  -<too 

ro          •      -      •      •   h-i     

><  4  vo   .'  M    ;    •  od"    '        "    '    '  vo 
<     H          .     M                            CO        " 

<DfH  *"VQ      .   1-1       . 

§£~  :      :  :      :         • 

g 

£ 

6       §      :   ON     :      'el      •                  '      '  txl! 

*  <  £    ;  M"    :    :  ^    :                  :  K 
intto  S    •  M     •    •  ^    '         •    •    • 

tx         •     •     •     •  to    

<   *  •      :  :      i      i  i  : 

8 

i 


•  IN    •    -^-    •  \o    •    •    • 

•  o\  •    •  o    •       ... 

^ 

10     :  :  :  :1  :  :  :  :  :  : 

.  M      .     .  co    .           '     '     '. 

:  :  :  |;K  

:  8  :  :^2  :^  :  :  : 

CN 

•  ON    •     •  O     •           ... 

\o 

•••"•.«.•': 

1  2    !•'"*'        •    •    : 

.    .    .    .  o\  

.     .     .     .         

d 


an 
nce 


aining  wa 
ts  appurte 


z* 

&1«J2  <*<*  bfl 

*•$  ^  »-  * 


ts  c 


bfl 

c 


0  w 


£  c 
J5  cti 


'OK 


<u   ..,   G-^l        Oi— i 

bo^'n  ^^T;  « 


.BJ3l84!ft!i 

cu-^.   *-<   ^   s-.   ^   oj   v-,^4-^"-1   ^   --1    n   rtl   -< 

h-roo^Hpq^feom 


^S  S 

' 


»Q   I-H 
^i   K  bfl 


ijia^siiis'0 


be        5?^ 


-M^H        f3 

O  rt   C 


M     C^     CO   Tf  VO^O    txOO     O\   O     M 


356 


<2"S 

XO  M 


2' 
o 


04 

W- 


;S;~ 

:°o   ; 


It 

i=S 


CO 


< 

3> 

<  cc 
>  < 

S  s 

tt  S 

_I  D 

<  CO 

z 
< 
o 

a 
z 
< 

o 
o 

EC 

_l 
< 

CC 


J^^2 

L^^ 


<N 


1^1 
.^W-          HH" 


M' 
I    Aft 


c 

M 

.   w     .                .   w 
rt     •     *    •     •  a 

:::::"::::  c 

culvert 

a 

rt 

:  :«r  :  :-S  :  :  :  :« 
:  S  ,g  :  S  «r  •  :  :  •  rt 

•    •  c  c 

*T~1     ^ 

•  o      ;  o  8  *      *   '^3 

*  o  <u 

C  a 

h? 

H   :6  S 

rt  ^ 

0/j 

*  5  -S     4>  rt  *  '  '  c/r  rt 

1  grubbing, 

lining  walls 
ts  appurtena 

"§ 

So 

3 

•  «  g>    I  **  •     :  §  « 

££  S    ^  u  •  :  -3-3 

'rt   b£>-        CX^J  of    ..  wT  o  O 

!l;.pWt 

rain  equipm 
11  equipment 
is  road  equ 
marine  equ: 

5 

•£•** 

b 

r 

Co  rt  ^       rt  w"*^  ^  *§;  o  ^  i 

^'rt  o  ^ 

bo'-S  «T  r/r 


T3 

^^ 


* 


^.5:  fc  rt: 

O     i  O  O 

C*     £  Q^  (!>• 

^  ^  be  ,5 


357 


RAILROAD  AND  CANAL  REVALUATION.  NEW  JERSEY,  1d11. 

SUMMARY  SHEET. 

o> 

"E 

CO 

1 

'ro 

DC 

•s 

ro 

Z 

73 

OS 

2 

DC 

•5 
£ 

ro 

Z 

HUDSON  AND  MANHATTAN.  UNCLASSIFIED. 

IV/TATM  CTTMV/T  CT?/^/"»TVTl-»  rM  A  CO  C  C 

JEW  PRESENT  VALUE 
L,  TOTAL. 
,847  $279,847 

0        •     Tf 

O     •  m 

tx,     •    O\ 

JH  :^o 

CO     .   O\ 

m    •  m 
tx     •   CO 

CO  co     '. 
co  m    • 

>"H      O)                CO 

1-1   co 

of 

O   O         Ch 

o5  ^-     <*•> 

| 

to  Sfr       O     •  >-< 

57.  Total  value  of  tangible  property,  $io,435,779  $9,324,742  $3,072,604  $2,684,982  $13,508,383  $12,009,724 
Amount  recommended  for  assessment  by  Charles  Hansel,  .  .  5,164,181 
8.  Value  of  sub-division  IV.  "The  value  of  re- 
maining orooertv.  including  the  franrhisp  "  T.OOO 

oc 

"  1 

ir 

* 
V 

1 

0        ctJ 

cd 

CO 

g 

*         1    I 

13 

4        MH 

0 

OJ 

)     ^ 

rt 

3 
^ 

ON 

5|!& 

oo  :  01 

\O         CO 

CO             H-l 

oo"   ': 

0(00  : 

tn  m 

00   M        *O 
COCO         Tf 

""of 

j 

**  §i 

l|: 

•     •     •   <N 

Tl-00      •      • 

-'"*  s  c?   ' 

.      .      .  M 

25*' 

h-i   co     •      ' 

of  :  : 

I  it; 

;     "^  i-T    * 

tk 

•    0      •    -rf 

•     •  ON  H«     • 

... 

£0?    ' 

.   M         ""i 

:  ig^  ': 

;  ;  ;1 

^  of  :  £  :  in 

^      :oo  : 

m  M    •  o    •  o 

H          J^ 
3          *• 

.      .    O   M       • 

i  i  §•  • 

•  tx,     •   01 

•  in    •  ^ 

•     •  co  m    • 

.  .  .^ 

.     .     .     . 

MjS  * 

^O         co 

:  :  $*%  : 

:  :  :^- 

o£^  :  §  :*° 

a 

•  00     • 

:  :  :  :  - 

•  u     

.  c  .  .  . 

•     •     '     •   \n 

:  g  :  :  :  :  : 

•  be  ;  •  • 

i  c  ; 

'.  M"  '  *  y 

<L) 

•     W       •       •    £ 

O- 

.    .  o 

C  J2           <U    «f 

:».:  :  :tftf 

DESCRIPTION. 

i.  Land,  
2.  Clearing  and  grubbing,  .  .  . 

3.  Graduation,  
4.  Tunnels,  
5.  Bridges,  retaining  walls  a.nd 
6.  Track  and  its  appurtenances 

±*  encing,  

Crossings,  cattle  guards,  gat 
Block  signaling,  
Interlocking,  

Miscellaneous  signals,  , 

O              C  S 

«('S)     c  •*- 

^_j  C        o 

iff! 

%&&$£ 

rt^Z   O   <u  Z 

and  track  cranes,  
Pintsch  gas  plants,  
Electric  light  plants,  
Grain  elevators,  
Miscellaneous  structures,  .  . 
Shop  machinery,  tools  and 
Locomotives,  
Passenger  train  equipment, 
Freight  train  equipment,  .  .  . 
Miscellaneous  road  equipme 
Floating  or  marine  equipme 

txOO  O\  O  M 

M  co  *?t-  m*O 

tx,00    O> 

O  I-H  cq  co  ^-  mvo 

358 


^  j  re 

«5?:ga 

§H 

8 


u 

u      *    g 

U.       g4« 

$"p£ 

_J     > 

O 

i!f  |; 

E        co  ••*   . 

o>         ^      a    ! 


oad  Sys 


*     I 


ON. 
EET 


VALUAT 
MARY 


E 


S 


RAILROAD  AND  CANAL 
UM 


<i)  VQ 

00*     •      •  10     II! 

, 

(I 
f- 

c/ 

•*»    O4 

!  1 

65 

C>  " 

'*   ^  ^ 

•    .  &  

•5  :  :  5  i     !  .  jj  I           !  i  '  ;:  :  j  :  :  I  :  :  :  : 

I 

s 

d— 
R.  A 


Name  of  Rail 
HUDSON 


^       g 
S  ,1.1 


-§S 

' 


-H  eg  ^2-^  ^  ^1 
c    .  g).SJCS  S  s^  '5  i  ^^  -b 


j5  g  o  bo  •«->  ^S 


i  R  T  ns  y 

^?c  c45 

'••5  2  «*  C 


•  «4H  -^ 

;  o^ 

•  <L>  e 


rt£ 

ti  **»c 

^M 

o  -    c 

«>! 

i?j 

&o"l 

III" 

MH  »S  O< 

s-Sl. 

3    en   v  „ 


t    ,    q_i  _  g 

rt  2  oi 

o^  5 
H> 


«  N   ro  TJ-  inMD  l<00   C^  O   M   Oj  ro  ^  ^         ^^^R^o1o?t^         C^OJ  O^ 


359 


W        04 
O       m 

>J      OO 


CO 
VQ 
vo 


>8 


re 
oc 

*o 

til 

UJ     re 

I  z 

CO 


e  m    •  HH 

C/3     .^   O"     I  VO" 


.2  ON  O  m 
a  04  co  m 

*«   | 


5  ON  o  in 

5      S  04  com 

^         ^>    ,-C  «r 


Z 
O 

CO 

Q 

D 
I 

Q 
re  < 

Si 

re  S 

a  I 

•S  u 
0  _J 

<u 

re 

Z 


d  — 


.     . 

oo  ooo     - 

00  CO  HH  0< 
Cf  nT  HH-  Of 
O  01  w 


CO   t-l    tX  Tf 

rx  M  co  M 

OO   04   tx  HH 

cof 


Ooo 

IO 

ON 


vooo 


co  co 


dt 


32 


•^•OO  Tf  c%l  CO  Ol 
!>.  hi  \r>  M  oo  co 
O  ON  w  in  rj-vo 

CO          CO  Of  V" 

M         O   co 
co 


04  tx  Q  Q  O  O 
co  ON  ON  O  -job 
VO  04  04  txOO^  ^ 
00"  i-T  tx  of  co  T? 


I 


i  a 


OvO  OO  VO 

CO    HH 

<»"  04 

1 

04         O 
ON        rf 

txOO   Tf  04 
ON  M  m  >H  ( 

HH_   ON   HH     10 

o  10  t-T  of 

tx        i-T 

00"        CO  of 

H     CO 

O  co 
CO 

0  txOO   O 

"w  £o 

04   co 

c^ 

m      04 
cS      £ 

£££8 

m  O4    04   IX 

3&Sn 

Tf 

Q-        I-H 

w    M   co^- 

H     10 

* 

ON  04 
04 


vo" 


: 


0 


-3  a 


HH  04*  co  T}-  iovd  txOO  O\  O  M  04 


txod 


**  <N  co  T-  in 

0404040404 


d\ 

Ot 


360 


w       c  ON 
t>       10  rx 

i-r      cc  ^t-' 


I 

I 


vo   ON 


:88 


^          S     I     vN 

q.     oq^  i  op^ 

s 


J   :2 


«O  CO 

VO" 


•    co 

:  ^ 


<   DC 
>   < 


41 

" 


o    (L)    Cj    fd    Q 

' 


•   •  d  e 

•  <u  v 

£  '-as 

5}    ..g«.a 

If  II 

a1  o<*o  <u 

<U'^   03   C 

.sls'i 

Sc.-S.sSE 
ilsSls 

So^^  be 

is!? 


al  value  of  tangible  property, 
ue  of  sub-division  IV.  "The  va 
aining  property,  including  the  fr 


6^^-|^      o^S 

^f^Pn^fe       H> 


Gfc           '    ^^     "      •    O   O    Tl"     •    O  VO 
•     •     .          •  co    •     •  rx    

tx 
VO 

^      : 

•     •     .          •  tx    •     •  TJ-    
•     •     .          •  rx    •     •  01     

^      : 

'  i_r.     '                  

•      •    c-1             '             •      •    Tl-  Q    rf     •    04  OC      • 

tx 

&      : 

n          ' 

•   •  ,9,      •  •   •     3-  ^^8   •  SI  H?  • 

vg          • 

•*£•    '  vo 

ft      : 

:   .          :   :   . 

: 

:  :  :  S  ^  
:  :  :"g  :  !  :  :  :  a  :  :"  :•:  : 

IX 

**      : 

j*\i 

•  MH  "-" 

:  :  :^  i  :  i  :  iS  !  :  !  :  ! 

:  °-g 
•  SJ  c 

•    ZS    frt 

"rt 

I 


txod  oS  d  I-H  oi  ro  -^-  lovd       txod 

MMw^WClvNvNOlCvi         vNO) 


361 


w     o\o  o    •    •  ^ 

ED        co  tn^C      •      •  00 

<0fn  £ 


5  I 


te 


^    = 


re 
cc 

•s 

H  <u 

Ul  E 

IU  n 

X  Z 
(0 

> 
cc 
< 

s 
£ 

D 
(0 


d  — 


£4    ~30    CO     •      -VO      •                                                                                                       00 

ON 

S           CN           o...         .    .    .    .  >-i 

to 

">   W     O                                                                   .       '-'            .... 

•?/5- 

.*  ^j    •    .    •    •  o\  ^  

'- 

}^«      •  .  •  •      :••'::;••      :  

1 

j    *      

!] 

g 

J  1      :  :  :  :      :::::::::      :  :  :  :      :::::: 

,»   O^vS      --ON     •      -^      •      •<£)      •      •      • 

s? 

££.00,7  ::£:::::::::            :  :      ::*::: 

o' 

ff-j 

IJ            

}   £ 

H       g   S^^VO      --^     co     •      •  10     •      •      • 

M 

(j    _^^9.°°  ^r--^     OC... 

ff~ 

Q                                               *                                   .........                       ....                       .           .                       ... 

\ 

::::::::::::::  :$  :  :  :  :  :  «  :  :  :  :  . 
•  ::'::'  ^  :'*'.*..**  03  *  i  •  :  •  <•>  
:.::':.  gj  :::::::  ^  :::::  rt  :;;:: 

c 

" 

i 

:  :  :  :  5  :  :-a  ::::•:  :^  :  :  :  :  :§  :  :  :  :  : 

•     •     •     .   >     .     .  C     >     .     •     •  a,     •     •   I*     •     •    '•     •     •  ^    

:           rf    2         :  S  ^     3  ^     :         :  rt      '  :  c  c 

ill 

I 
2       1 

'd^*-'               o           c<u                      __,        .^ij 

te-          s^   a      :'5£  '^s    :      ll  g  :ll 

£-  j 

1         rt 

jS>r<          <Ufd                           co'^         cD-^CX 
cort^                 'cobflC^            '•                V                H  t^'5'3 

S    1    II  1     ^s  j,    -     S|  Ipl 

B  1    Jl  1    ill^filfl  I2  &li| 
°  ^   1!  si  -•sftl^."«ni  -!-i 

13                    Ctf-l->            C3^-  1     .  •>   5    G     C3    d<  J-J       ^ij           "S^j^G^WiC^ 

§«     «'^     "cc8^:5'o^S^^'§^8:g^r''S8c3 
/  .2    .  ^  a    *  fi.«a  S  •«  ^  9  "aS  2  ^'^  J  c  rt  -S  a>  i3  c  ° 

^^OTco"rtbJ3?r'cooCT3bC?irtrtrt"'~'i-lO|L>rtPobX)j_>rt!:i'0 
^.«2rcu<UC-«         O^  !Cr^a,J-.47',T.:j<j'Il!       ^-*        ft  C  J5^3.w 

2    j-,    C 

C  'Jo  i* 
"*""  .^  5 

111 

cQ  $3  c 

I         4 
i      ^_, 

1,         MH 

>       o 

?  1 

3         0 

M      P-H  Oi 


F 


1x00   O\  O   HH   M  co  rf  tovO         t^xOO   ON  O   *-< 


^f  tOVO         txOO 


362 


<  cr 


-J  D 
<   CO 

Z 


<d 

Q 
UJ 

!T 

[EW  PRESENT  VALUE 
L.  TOTAL. 
167  $32,167 

at***  • 
-  "2   ' 
co  vo   ; 

oToo 

r^  O  co 
c  o  t^  I-H 

ON  "t  04 

vo     • 

•  ovo-oo        •        •    •  o  \o  vo  Q       £    ° 
.  &  tx    .  JH          •               •  QN  vovo  O        ON    • 
•  VO  co        !>.          '                 *  ^  f>  t^  ^ 

•MM       vO           '           '     '  O\  O^vo^  O_        M     ; 

2     8 

O        co 
vo"        co 
vo         t^ 
M          M 
&• 

CO 

o 

LT 

NCLASSI 
5. 

•< 

tO  vo 

w 

O 

i3  ! 

£       V 

;  2^  .' 

E-8  : 

:      •' 

•  VO   co                       '            '      '   M      •      •      ' 

5 

VO 

« 

i  I 

CO 

13     ' 

£ 

.    vo 

•  &  : 

O  ON    • 

o        C 

^       c 

S    vo 

h-l        | 

•M<N-.            ...-rt-     

;  ON  M    :    ;       :    .    .    .    . 

1 

I  I 

I 

i  N 

&«: 

*$>  : 

;:;:«     ::::|m:g: 

% 

ft 

Z 

ww  tx 
CJ  "S  C/3 

^  ; 

8& 

;     ;     ;     ;  i\f         ;     ;     *     .  c^  w  ro  M     . 

I 

<«- 

s 

PI 
6- 
c/ 

!l 

Tt 

g 
U   < 

E? 

'j| 

aoo 
CO     • 

LO^O   M_ 

:::;f              -vo?i8Q-K- 

.    .      \o                    •  ^  o\o  O    •  *    • 
;     ;       ^                      '.cooTr^    :         | 

vO 

^5 

ON 

| 

*&• 

in 
1 

K« 

Ai 

CO        •        •        •        •        •     y~                        ... 

I 

ju    •            •    •  cu        ;    •    •    ; 

'    S    C 

; 
•) 

,-c 

Z 

en 

<J                                  C 

"S'^ 

^    O* 

0 

fe 

in     • 

! 

CO                                             Cti 

;    ;                                  c        .    . 

^             €     :  '•     : 

•  <u             rt                            ^ 

°1 

1 

.!•* 

\ 

i 

•^      c 

o 

.ss. 

K* 

c 

•    co                *->                                   C-           '      '      ' 

> 

^  .Ji 

E 

^      . 

t«  O         w                                   RJ          •     •  S  e 

OJ  *^  "^ 

u 

3  'B-^ 

of  Railroad  — 
MOR 

DESCRIPTION. 

igt  and  grubbing,  
ation,  

1c 

s,  retaining  walls  and  c 
and  its  appurtenances, 

CD 
rt 

be 

c/T 
rt 

So 

%*£       %  «                                       •  S  S 

•Sfc  =^            -g   a  :|| 

3>a     gS               -"     l^t-S 

~^C       o                        t^2       c.So'o1 
^^^      ^^             -      5^      '3  § 

O-^"*   '• 

rS  c.| 
-2'>  "i 

.5    C 

M-CO     C 

°  A  ! 

.5  ^  ; 

^0-2 

0 

^      t 

2 

3 

H 
5               ^ 

3 

^          «H 

D 

S, 

3D 
3 

value  ui  an  uciiib  d.^  d 

of  materials  and  sup 
use  in  maintenance  of 

•3-S  i- 

^r^      O 


Kod  o\  o  M 


O  ^  oj  co 


363 


?     I 


§s 

nS 


S 


< 
D 

_J  > 

<  DC 
>  < 

S  s 

^  s 

_J  D 

<  CO 


oad  System 


><  J    Hr          nT     •    10  rf                                            CO                       ~                         *-T          h-T 

1   S 

^    vq 

n-T         04 

TJ 

,>>  «/5-         O4      °          04 

°Sl        ; 

1 
£ 

^  10  O\    •  ^*  ON       04                      vo        c^        "^t"                 ON  ^-O  O             co 

VQ          O 

1 

vO 
^ 

.^  <  i-i       --i    ;  tx  ^                          oo               04               04       >-, 
£*                ''' 

8 

^  rr.                             ^                                            ~                               .....                   . 

£ 

j    |            :  :      ::::::      :  :      :  :  :  :      :::::: 

;    ^-w-           •    •  „"•   oo"   

to 

n«S                                         

£ 

£           

I    K 

^  00   O   O      •  vO  ^O         "^    00         CO                    04   O   Q               ^"^ 
^QiO'O-iOM          tN.     HH          O                       ^  lOOO                 04 

04 

* 

.^^s.^-10^         ....:.        M                 "-1 

<Mg                      '                           '.'.III'. 

\f) 

J     2 

O 

to 

^  .^  H-T     w"    K;  of         :  :  :  :  •  :        tf           ~     >-* 

*> 

ftn 

.^ 

'.      .      '.      .       '.       '.      '.       '.      .       '.       '.      .       '.      .      '.    v       '•      •       '      '      •    £       •      '       •       •       • 

r 

^^ 

:.:.::.  g  .::.:.:  «  ...:,.  %      .  :  .  . 

''.'.'.'         \        '£,;'.''.'.'.'.'.      &         '.'.'.'.'.     &                            '.'.'. 

'  :  :  :  £  :  :*^  :  :   :  :  *  :  :^  :  :  :  :  :  S         :   :  : 
::::  o3   ::  -0  ::::  ^'  ::  y  ::•:::  "S         :  :  : 

;vf 
I 

"S.!: 

5 
1 

^k 

«£ 

"~  ex 

nnijiljiljlirtnfni-  ii« 

•7.'          !           rtUbjC            I  *ie  C    •  ^  *^                       c"c-SS 

I   1    111    ^s  ;|I  ^   •  ||  ||  ll 

1  1  II  I.  !{l|p!i!|!i  Jill 

is,-*!  JMiyiyp'iiflipij 

•v'%3  l^^'I'l^'S'S  1  aJS  §'i'§^S.c'g  &|  §§g'-g 
cSgS^gcoo^.^^0^*-^^^  og.^o^^S.^o 

Total  value  of  tangible  property, 
Value  of  sub-division  IV.  "The  v 

)             r 

2     J 

f)        r 

:      « 

3         p 

-              r 

=      1 

J            C 
X         «+. 

3         C 
X        « 

10       J 
I 

M 

Value  of  materials  and  supplies 
for  use  in  maintenance  of  R.  R. 

I-H   04   co  ^f  tO^O  IxOO   Q\  O    I-H    04   co  TJ-  tovc         txoOO\Oi-'    Olco^t  iOVO 
^HH^HHHH)-,^;          ^M«040404040J0404 


<N  ON 


go 


I    I 


X 
CO 


v 


UJ    m 

x  z 

CO 


z 
o 

I- 
< 

D 
_l 
< 
> 
III 
QC 

-ID         ^ 

< 

Z 

O 


^£ 

£5 

3-vo3 

€^9- 


T?    '   COO" 

P  :  -8 


00 


U-:5 


I 


•       ^ 


1 


If 
p 


^^ 

os^: 


'+3   <D 


'c 


!'S  r^         ^   w 

°£    «3    en  "2   rt   rt 

xj  Sb-S-a-13  u 
5  c  o,  e    .  M 


c/      ^  «n 


2^ 

O   O 


'' 


.g     g 

cr  CU 


«    <U 

T3  <u 
rt  C 


*r"l   *~*  »rt   C    ^^  r)   tJ        i-^ 

cS^S^^coo 

rdr—H>-<3!-c$H<uuT-^ 


M   Cq  CO  rt  LO\O  K.OO  O\  CD   h4   oi  CO  rf 


^   M'  co  TJ-  irj 

O^C^OIC^C^ 


rt  I«H 

C^  !> 

at  I 


^£-§    " 

2     r-     C  S 

•&0--      .tJ 


^ 


365 


^ 


s  ^ 

S5 


oj       O 


*  ^vS  8  '  3-  M  '  'S  °^    °° 

•    04   tx 

04    * 

O     •  10    • 

1  :^  : 

cvjl?^"      °*    .  M  o\   .        

W 

5 

I                  ::::::: 

• 

k 
{• 
c/ 

\l 

» 
<  *j 

<    !!vi?v§v§  :  0?^  :  ^  :  '  :  :  :  :^    $ 

LO    I-H 

O     •   04 
10     •    04      • 

^  ^ 

•  ^  to       tf    '  of  co    '         ;    i-T      t-T 

*-  ^4/3-      or      N  <r> 

CO 

>-"  .'       : 

VA1ASNN 

g        :: 

<u     . 
t/f    ]   o3 

•  <u 

:  :  % 

m 

CL 

::::::  :g,  ::::::  :8  : 

.  .  .  .  42  •  .  w  .  .  .  .         .  _v   . 

.  .  & 
.  ,  o> 

4 


~    HI 

re  -^ 
DC  2 


fi 


:  t;  : 

.      C/3 

•    -^ 

.     ,  o> 

.  <u    . 

3    ! 
u 

ro" 

-o    . 

.    G     • 
rt     • 

C/5 
1>        . 

'             tn 

'  aj 

|| 

•    c3 

W 

<L>    OT- 

I 

:  a 

.  o. 

.    03 

:  :c"? 

•a  S 
S  u 

oS      ' 

fee  : 

.  o    - 

.'^3  <u 

.8^ 

•~*3 

•T3 
C 

•f  •  e  a 

be 

^c 
iS 

^Q 

C 

be 

•d 

Sj 

g'i 

J£ 

a 

?es,  retaining  walls  j 
k  and  its  appurtenar 
iner 

c/r  i 

nd    . 
(-1 

03      . 

5  : 
!£ 

o3^: 

O    o3    b 

R  tics 

°-s"8 

:  42.5 

c/5   OJO 

.  ^  c 

^•'t'c 
•5«S  rt  i 

s'S&i 

121- 

G    QJ  *1~1    *- 

jg  be^g  « 

D  ctf 

fc  a 

^i  S 

Jjft 

°"S  -^ 
2-2 

« 

4-J 

i 

c 

^J 

'"S 

o3 

^i: 

H4-l     C 

J    -1- 

ellaneous  structures, 
machinery,  tools  a 
motives.  . 

isf-t 
-lls-g1 

cr  cx*o  <u 

<u'G   rt   C 

.s&e'S 

^c§S 

oJ  O   «- 
.     }j  oj   O 

o  £  c 

«-8 

S>  c 

,5   03 

ffl«#3 


"E  ^  ^ 

^nS) 

02    c 

S=l 

^^13 
.•e  c.s 

bco    . 
C'55  >> 


^  <u 

<    a 

O 


gsg 


rt  M-i    C  O3    O    m 


O\  O    1-1   04  co  Tf  lOMD 


txOC 

<NM 


366 


y 

|            :« 
f  :  :  :  :  a 



oo      5     oo 

M        00         ON 
vn"        i-T        t< 

4(1 

•pjir1 

^        "      & 

8 

HI       ^ 

cc      ^     > 

. 

\c 

o    S  .{ 

2    •    •    •    -gg 

00 

i    £|< 

*        •    '    '  °S. 

D      '                  '  tx 
3      '                 '  LO 

^r    : 

H      §^ 

1:  :  :  : 

^ 

„_: 

CO       > 
111 

1      [I 

K? 

C            V)     > 
£            t/3^-  *» 

t  JERSEY 

I   i  1 
£    ;  1 

?  g  i 

o        O    J 

*-         O     ^ 

£ 

HI 

Z 

J?S 

Weo  <•> 
rc        t/3     = 

*     tg 

1    r  ^ 

^:  :  :  :€ 

' 

IT) 

00 

£S 

<  /« 

z           ^^ 

Iw?1- 

S  :  :  :  :  8 

t 

CO 

REVALU 
flMARY  * 

S  r 
a  4 

z    is 
ui  <   £, 

9-  :  :  :  : 

-)....  00 

5\   •    •    •    -oo 

<^ 

\n 
o5 
r-x 

|3 

O 

a 
z 
< 

Uj   S^; 

H         ^ 
oc 

0 

u. 

0 

z 

5    •     •     •     •  m 

Li::! 

.    .    .    .  <u 
'.    !    !    !  *rt 

I  :  :  :  3 

•      •    <L)       ' 
.      .    fj      . 

•  c    ' 
'   I    .    I   '  rt    .   *    '.   ; 

<N 

» 

^ 

"!'•§ 

a 

0 

oc 

< 
^ 

DC 
0 

:  :  :  :t  : 

a 

!  T3    '.    I    ! 

.  a    .   .   . 

.    03 
ca 

^ 
•  t/r  •  •  u 

:§  :  -is 

co    o      *    ^ 

<u     

t:  
;  i   !  .'  i  a  '.:.'** 

a    .   .    .    »   » 
rt      .    .     .  -g  -g 

^  «3 

^•S   s 
S^*  ^ 

_J 

< 

oc 

Name  of  Railroad  — 
NEW  \ 

DESCRIPTION. 

Land,  

Clearing  and  grubbing,  
Graduation,  
Tunnels,  

Bridges,  retaining  walls  and 
Track  and  its  appurtenances, 

Fencing,  
Crossings,  cattle  guards,  gate 
Block  signaling,  
Interlocking,  
Miscellaneous  signals,  

o^  :  c  S 

'-5  ^  -'^S 
a.S    •  y  « 

w  bo   .  c  ^ 

jj    G      .   O 
£    °     -^    £ 

H;!! 
iHi* 

CO    -  i—  1                  CO      <y) 

v.2^^^ 

2^  '^   5    G,»0 
S-8*^ 

Sj  a^  ^  c 

_.      '             •    0)    (U 

:            '^     s  :s  6 

c/r  rt      <u   -.&  & 

i                |J5       |S&§ 

^    O          .in     C     <"    <U 

fsl  =£  Ijhs 

gt!e:l'  ifp 

|al||||sl|o 

Total  value  of  _  tangible  prop 
Value  of  sub-division  IV.  "T 
maining  property,  including 

Total  value  of  all  items  as  a 

367 


«                 COW     ,_         .         . 

vn 

a* 

UJ 

u. 

«£g  ::::::::::::  :  ':  '•  '•  ':  •'  :  :  :  '•&%$  '•  • 
§&  :  :  :  :  :  :  :  :  :  :  :  :  : 
3 

AH 

^  <     tx  frf  d\    '     ' 

«e- 

CO 
CO 

< 

J 
o 

z 

?  r  , 

XwC     °  vo  ro  ^    ° 
&£     I«5-       «O    ' 

ij" 
< 
> 

f  J:::::::i::;:::i:  =  !:iiii:i:: 

I 

>-  1    • 

ui        g,           J 

CO          <0 

£    ?      i 

-       2          ? 

f!  :  •  i  i  i  i  i  •:  i  i  i  \\  I  '•  I  '•  i  ii  i  i  ii  i  ;  i 

->      S! 
a, 

j|  !!;;:!!;;;.!!!:;  MMMMiiM 

|      £.         ' 

0 

^  H    a) 
^   m    c 

o  u  I 

f          ^         (*5   M     M        .        . 

•z   :::::::::::::::::::::  :<^g^  :  : 

m 

tr> 

°q. 

i»z   , 

^     ^ 

£;!      .2 

a  5;           >•  < 

,*HH;HrniHlHH;Mn***M 
ii 

!       S     -!                                                  C?  <^00      •      • 

i    ^    tx  o^  tx   •    • 

« 

1O 

-jj 

•^           Sf  i- 

<5    • 

<                < 

0                      DC 

Q                     Z 
ZQ  a- 

I   •«!     tx  w  o\    .     . 

"J        CO'       

•JSS    '         *     •     •  <u     

'      -'                                        •    RJ      O      

<              Z   uj 

S       ^ 

:  ;  ;  iif  ;  i-i?  ;  ;  ;  ;  :  ;  :^  ;  ;  ;  ;  ;g    ;  ;  :  ; 

'.  '•  '.   '  fc   i  :-a  i   :  :   :  ™  '.  :  ^  :  '.  '   :  '  ^      •   •  •   • 

s     I* 

•   •  '•  .  £  •  :  i   -   :  :   '  52  *  *  is  :  :  :  :  :  a      :  :  •  • 
:        5  ;    ^  :      :f  §.«.:::::  ^     :  :^>" 

>> 

RAIl 

Name  of  Railroad— 
NEW  YORK,  ONT 

2          -         c«2      ««"   •        "  w'Eo  ^  8  ^  I   I   I    I  S          c  +*'~  T! 
g       c°       ^S    -g  :     OT--M  g  jj  u  :  :  :   :  ^^     |«|f 

ic  s-|  ^i  g|^i^^^  s'Eiiijp'!  1^ 

2 

a; 

:S 

*o 

13 

0 

M   M*  CO  ^t1  vc*O  txOO   O\  O   i-*'   0$   ro  rf  t/5^O         txod   O\  C5  "-*   01  CO  T}-  tOVO         tx 

|_(      (_(      HH      M      M      M      HH  l-lMl-lM04MC^C^C^(N  W 


368 


LU 

Z 

it 


3 

<   OL 


I 

! 


w     oo  10  <M 
_T      rx  <N  r^. 

£  4   N        00 

•   M  VO   xfOO      '      •      •    M   O 

"& 

wt-< 
w 
£ 
*     <8tf2 

*  <   W        00 

'   co  O  co          ...         ^ 

•oo"   '    '  in   ' 

•  rjwS   co        co 

'   voOO                  ...          ^ 

'     '     '     '  co    '     '  <N         '     ' 

ge^ 

< 

CO  ON 


i-T     co" 

^ 


_J   D 
<   CO 

z 


M   coOO 
HH'^O"  ,_^ 
IO  IO 


ON  co        ON 


oc  2 

>  ^ 

ij]  S 

to  ° 

ZTL  t/1 

fir  tjj 

U  Q 


.38- 


o  tuo 


<u        ^ 

•s  I 

b£         rS 


4;    ctf 


c 

•&.5 

c  55 


. 

03  buo 


«  2 

Z 


S§ 


ill Illl 111 


T. 
LESSEE. 

W        TJ-  O  OO 

&          CV1    ON  Tf 

iJ       ON  co  to 
K!  j    CO         10 

.**   <      M              1O' 

•a* 

£ 

vovo 

to  to 

cvi  c>i      to       o 

:     of       0^ 

O  OO         O         Tj- 
l^  ON      vo        01 

:  Ko?^8  8R  : 

•   04  to  ON  to  d  vo 

!  to       Oivo"  i-T         | 

•  O)  O  to  O  O  O 
•  toOO  to  o   O  co    • 
•    CV1   to  to  to  Tf  O 

$  § 
1  M 

1 

\RY  SHEE 
COMPANY 

< 

> 

r     S$  oo      oo 

^     CO            {N. 

O\  »-<         Tp        vN 

.      .   O   O      •      •          Q 
•  cvi  ON    «     .        o 

i 
£ 

o\ 

i  l.i 

£    o  0  c 

/3    .-^  *"~ 

:  Is? 

•     •  0  ON    .     •        & 

•  ^     '••'.'•'.'. 

vO 

0> 

^  £  z  ' 

—  '    w  i_  i- 

CO     X  £    C 
CO   < 

^  go? 

°*  ±  CL  c 

^       I 
-t        <* 

•>       Z 
5       g^O      ^ 

3  |«  ^ 

:  :^^ 

•    CO 

'.    '.  of 

*  :  : 

•    -co  o    •    •       r^    •    • 
•     •  ooo     •     •        -T    r    • 

•     •  ix  O\    •     •        M     •     • 

'  o\  *-**   '          of   ' 

:j  i 

«/^ 

(VI 

M 
vo^ 

JERSEY, 
ime  of  Rai 
N  TRANS 

0WS 

is 

VO   CO  t 
^f  O   C 

o  to    • 

q  vo     • 

•   co  Q  00   O   O   O 

•oooo  to  5  o  t< 

5 

tx 

0 

UJ          Z   ^ 

^  of      to 

CVJ^    *"*         "^ 

'       «J 

0 

:  :  :  :  :  o"      :  :  : 

I  Cvf         ONVO"  I-H 

N" 

rx 

7        -3  k 
*•           e 

y 
2           .   2 

o      z  £ 

i  1 

'        si  OO   ON  *x 
'     .>    Cvf         ir5 

Tf  tOV£ 

VOOO  VC 
ON  to  C 

jg: 

:  :  :  :  :s     :  :  : 

•  00  Q  to  O   O  O 
•  "HH  OO   to  O    O    CO 
•    CO  IO  to  to  ^  O 

eg 
xf 

RAILROAD  AND  CANAL  REVA  LUAT 
of  Railroad  — 
PEMBERTON  AND  HIGHTSTOW 

:  ,-  .  M 

DESCRIPTION.  ,  1 

v  aluc  j 
$1 

y  and  grubbing,  
tion,  5 

retaining  walls  and  culverts,  3, 
nd  its  appurtenances,  ifjj 

SI 

tr> 

C 
rt 

C/2 

S) 

en" 

•d 

o3 

•S  ^ 

oj^r; 

•   -si 

':  :      :  § 

•   en*          '    o 

'    D             '    o! 

«f  O         en" 

•2"S     -S^ 
S'5"1     *"*"« 

~  "   C         0  ^ 

x£  «    ^  *3 

rt.bC.-j         0,^  OT~    ^  en" 

C    flj    ^            ^*    CO    4J    GQ  "*"^ 

.545  a  Jj«  S^IJ 

cn-g  B-S-g*   w-E^i 

sS^S'73  "^rt^-^i 

neous  structures,  3 
achinery,  tools  and  appurtenances, 
:ives>  30 
sr  train  equipment,  27 
train  equipment  2 
neous  road  equipment,  .  .  i 
or  marine  equipment,  .  . 

me  of  tangible  property  $358 
sub-division  IV.  "The  value  of  re- 
g  property,  including  the  franchise,"  

1 


c/)    (D 

.Is.c 

<L)    ^ 

I  c 


txOC 

^^1 


370 


N  : 

CO     '• 


T— 

D 

C 

s 

0) 

1 

^5 

T™ 

^ 

* 

lERSEY 

<D 

« 

£ 

TJ 

ns 

< 
a 

0 

3 
x 

xr.  Prescn 

• 

0 

^ 

•-: 

£ 

•_ 

?. 

> 

UJ 

Z 

OS 

QC 

' 

\ 

**- 

[_ 

—  .. 

0 

z 

o 

UJ 

E 

C 

J 

UJ 

ro 

v^3 

5 

CO 

Z 

d 

il 

D 

^ 

^ 

_l 

> 

w 

^ 

< 
> 

UJ 

tr 

_i 
< 

z 

SUMMAR 

IGANTINE. 

£—  * 
t/5 

S5 

^ 

3 

.'^•_ 

< 

cc 

o 

CQ 

Z  Q  coyj 


Q 

Z 
< 

< 

I 
Q. 
_J 
UJ 
O 

J     I 

5     S 

Q.  « 


4 


bJ9  O. 

c  a 


« 


CO 

el 

|i 

rtt*3 

>  r, 


-*-•          <u , 


8--I-SS 

=L  O  '  r 


£ 


^T  bJ  "O  S-n'o'o  ^'u?)  ^  ^  S"u   v 

gS^S'^^'-ooii.S^So'w 


cj^JS   g  O 
T  ,-13  "  S 


^1 

.'S 
>^ 

t— I    O 

r-      C 

o"l 


.>£ 

2& 
•Is, 

"•  bo 

II 

•^  2 

TS  S 


l 


M   oi   CO  •*  lOMD 


d  d\  o  M  oi 


37* 


WO           Q           •-•    i-O  O       

\o       o      vc? 

K!             Tf               ^"               HHrH^O          

.>$£.       ^           °°          

'     '          '     '     •     •          I-H 

*l 

^                    ^J 

wH 

£ 
Q-      £ 
HI         ^       O         O        Tf-  co  O     •••'•• 

U.      £  J  ^      ?      ~c»  oo    • 

::::  {^  ::::::     ^ 

^^5^  ^     5    ;  ; 

cf 

co  "^                          ::..:: 

i^J- 

<     < 

-j     > 
o 

D     f     s     •     *     '     '     '  £1    

0) 

|            -^  :::\:  ^  ::::::: 

2^ 

i      c/>  ,>.  •  :  :  :  :  w  :  

•   •       ^ 

^ 

C          c/)^j-^     • 

%. 

«        <;     s    •    ' 

•ft        Zi     ^    ' 

Ill 

co 

QC 
LJ 

£     d   g  • 

CO                  0, 

TJ          2     •                         •     •  ON    • 

-3 

g      ^    g:----co  

:  :      :::::::::::     ^ 

£ 

^       u    ^    •    •    •    •    •  *    
•J5      UM*  :  :  :  :  :      ::::::: 

LJ 

£                       :  : 

z 

2 

.0         I-    * 

H™     D                      ^                r*i      •   r-H   c^-  n 

0 

El        IS.   1   ssl 

Hj     Jj                     «   ^-     •   rf     •   «   O>VO      

:   :       ::::  |  ::::::     g 

1- 

I-y                     "•   r\f     "   Tf     '        VO 
z        *s~«l.  :      :            

:   :      :   :   :   :       ::::::     ^f 

^ 

co           ^-i0^  s  w    : 

^ 

S     «- 

< 

>.           w    2 
a:           g    * 

UJ 

^              g     g  8    •  q\    •  -too  S    

•    •        •    •    •    •  t^   o 

QC 

s          <  .>  t  :  J  :  M  2-°°  :::::: 

l/"3                                                     IO 

1 

|          SHtg  :  ^  :     2      ;::::: 

^                            jj           *            '                        

•       '              •       •       •       •              ^ 

z 
o 

Q 

Z 

< 

g[< 

o           

o                      i. 

<       ;  ;  ;  ;  :  ;  ;  |  ;  ;  :  ;  ; 

IS"*"*       "^         '         '              '  i>"  ~ 
•     •  rt     u     -t« 

RAILROAD 

....„.-.      ..of     

a.            .   .  .  .  s   :  :-o  .  .  :   :  % 

"3    '   '  rt          •    -  ^ 
u    1     8          :c£ 

TD  ^      +j             .'  o 

O              ^            ^n   rt         af                *  Irt.'Si) 
1                   S            G             "rt  ^         u.             ^"^    <u 
•D                  S          ^3               ^  ^         S               g    bf-o 
^          *§               bfi  0,        Sb              &'S    S 
S                  W           C             -S   rt"        ^   bfl        W**3 

•     -o     "£         ....          "T^i-H 

:  :  c  :  •  f  :  :  a  -5*1-1     <u 

is  i  *  :  .'  :  a     :  :          f?S'-w     ^ 

S     -    •                    •  ^         :     •  ri"t^       oj^^       J§ 

=1  :          :1    -  ill    s^s    " 

0-a    •               „-§       S    .0.0.      o.^'g       ™ 

ts  •  .  if  41^  i".i  i 

8"3  S  «r  "      ^2      g<  a-o  «      bc.2  ^     " 

*7l  c  c!  •M  ^        n            <u*s  rt  C        r:  "^  4_>      «—  ' 

^flll^s  cg-s's  -:s|  "3 
•^1  J^lssl^Slii   oj^  -s 

•8-Jfl£l68ilhiis  ^SS  I 

rt  gB^^.H13^  S  §  g-g-2  g1     >*o.S      ^ 

|8)*I'i5B.s'3o,l8S'8*-g    ^^-^    -a 

013  s  rt.S^  S-J^  g  ^  w.2£      -S^S      -g 

QHH          flH^OS^^PUfeSpH          ^>                 {H 

u-.vO 
(N<N 


37* 


g 

£9- 


~  q 


5     I 


J-l  I         Sj 

CO  ^2 

>\          '-J       £ 


3: 

<  oc 


_l  D 
<   CO 

I 

Q 


LU  < 

LJ  2^ 

CO 

2  i  ^ 


z 

Q. 

O 
O 

LJ 

-1          fc 

<r   .     o 


oo  »o 

Tt-  IO 

|-|  O 


n 

oc  < 


:  bo 


tfl  bfl 

•?  ^ 

'S  c      -=i 


d, 

T3 


^Hg) 


.-a 

b£  O*  „ 

' 


i'£    >>        ^ 


«-c 


be 
rtM-i  c 

>  o-a 


rf|^l5«'8'i-8l<8  §  c*§  &?18-a|.fl'8  o,§  SSII    « § 

cSrtS-2rtCOo-^.^c/22o^rt^^£-"2°r    "-S3  O        o*rt 


i-<   04   CO  ^  IOO  tv.00   O\  O    M>   CJ   CO  TJ-  VT)VO         ^OO   C?N  O   >-I   oi   CO  "tf  >-OVO 


373 


W       Q  O  vo 

3  <§€ a 


6. 

ENT  VA 
TOTAL. 
$37, 
17 
3 


44 


5  i 


RAILROAD  AND  CANAL  REVALUATION 


o 
I-  V 
LJ  E 
LU  re 
I  Z 
CO 

> 

QC 

< 

S 

s 

D 
CO 


, 

EW 


N 
AL. 
7,0 
7 
3 


1, 
44, 


O  ON 


•  ON       C 


O\  O  00  Q  O 
1-1  rt  10  Q  O 
tx  COOO  O  M 


IO  CO' 


SECOND  CLASS 
3.  4. 

ue  New.  Present 


DC   <     I      3; 

-j.  oc  I  - 


*  :«t 

IO       '     HH 


M        .    IO  IO 


vo    •  rxvo 

<N    -co°5. 

t-T    :  vo"  t^ 


cO~t 


5    ^ 
><> 

u'S-? 


^5  :^ 


10  COOO   O 
M"        O^  Of 


M   o   O   O 
ON  rf  Q    O 

c(       10  co 


8  • 


jf. 


T3      •  4J- 


- 


;t/-1 


<u  S 

3  i 


if5! 


;.s  « 

o  i  o 
c->  3  a 
^  w  be 


V 

> 
o 

^2 

rt 


M     VN 


ON  O   M  M  co  T}-  u-^vo         txOO  ON  O  >-<  M  co  ^f  iovo 

^i^KHHlMWM^  I-HHH-.MC^CSJCJOJOIM 


374 


OWE 

—    UJ     (C 

t I  z 

<CO 


W        t^  04 

5      m  IN 

_!          VO    tN 

Tt       •      M     CO 

3,  :^oT 

8  :-  ? 

10  ON     •    OA         O 
vo  vo      •    *         t^ 
vO   O      •  vO         ON 

•   Oi  if*  co  CO  m  t^ 

t>. 

5 

T?    '.  01  in 

M         '. 

f\f  H-I      '   of         co 

.   <N   HH   o   £J   ^>  »-* 

^ 

*lt* 

HH          .                HH 

m 

Q        £ 

. 

LJ           fe        1^04 
—                 m  rx 

LL        «  jvo  ^ 

S*    O\  CO 

\  :$ 

04    1-1      •    04          ^4 

^8  :^    ^ 

•   Ov  f^  O    O   O   O 

•  gvo  o  o  j^-  o 

•  vo  vo  in  t^.00  ^x 

00 

vo 

5;     ^Z^vo-vd 

|    <"O  C^ 

.     !-"         . 

vo"  04      .  co        tx 

co  HH  in  co  01   HH 
;             vo  co  >-H 

1 

CO          U>  f  .  ^^ 

H       .            ^ 

f/J- 

<       3 

•                   • 

-J     > 

0 

Z 
D     r     i  co 
-S  trJ 

Tf     •   O\  01 

oo    •  tx  m 

in  m    •     •        m 

VO  OO      •      •          ^t 

;    ;§•    

§ 

i  1.23 

«  £*•«£- 

vo    •  04  tx 

*  !     !T 

•  vO  tx.     •      •        OO 

:  N      :  : 

of 

£ 

2  j  1 

CO                    El, 

"O     9         .CO 

nj    <F      s  in 

8  o  >  t 

^-     •    01    CO 
OO      •  tx  O 

vo      •   co  co 

:vSK  :  :     g 

•     -m    
•    •  o^     

5s 

r^ 

o" 

i    O    _<  in 

OJ      C/)        s  ^^~ 

^ 

^        ^ 

i-Tvo"  f^    !  of  o" 
10       01       tx  10 


IT 


< 

UJ  ^ 

DC  ^ 

_l  D 

<  CO 

I         I 


\$\ 


co 

00   O4   ON  COVO 
C^  vO  VO  tx  co 

M"  g  S  of  ^ 


nTto^cfM"  : 

vo  co  ^ 


Q         (- 

o      1 

"  f 

2  i 

O 


C/5 

1! 

I 


be 


§1 


n)  bo—       cx 

f 


- 


H-i     C«        *    ^ 
t/3     <U    W   "ti 

s§  =  = 


rt    K   •*•* 


'  a 
'.  cu 

.    03 

'  T3 

C 

•/T  rt 


4i   O 


g. 


^>    C  "  ^*  *^  "  ^* 


bJO  O   "        . - 


l 


r 

111  I-lll  111!  i 

^4  O  O  H  M  H  PH  O  PQ  nS  ^  P^ 


c  ^'S  s-  §  8    "o^S 

62  &^J  c      >^-§ 


^s 
o  rt  « 
aj  6  c 


HH  01  co  TJ-  mvo       tN.oo 

OlOlOlOlOlOt          OlOl 


375 


^ 


JERSEY,  1911. 

road  System  — 
UNCLASSIFI 

'OND  CLASS  —  5. 

g       CO    •  ON    •  r^oo      •  tx    •     •     • 

N  ±-  m   •  ^£   •<o\o    •  M    

27.  Total  value  of  tangible  property,  $15,555  $13,420  $15,55 
28.  Value  of  sub-division  IV.  "The  value  of  re- 

r 

i 

; 
1 

j        g 
3        C 

JD        & 

:      w 

3         w 

i      E 

>>       ,  , 

1           «+H 

3         O 
<u 

I/)                T^ 

1    3 

"         0 

si**  :    : 

SH       •      •          :   :   :   :   : 

<                                  

> 

V 

ft, 

RAILROAD  AND  CANAL  REVALUATION.  NEW 
SUMMARY  SHEET. 
Name  of  Railroad—  Name  of  Rail 
RARITAN  TERMINAL  AND 
TRANSPORTATION. 

MAIN  QTPM  SF( 

15  10      T}-    •  toco     •         

.^&    M  •     ^  ;      •:::::::::: 

;  1 

::::•::  &.  :::::::  ™  :  :  :  :  . 

ances, 

:  :  :  :j»  :  :-|  ::::•:  :^  :  :  :  :  :S  : 

'  rt  .      '  -  ^      -               .  .  &  . 

0           '   V)     .           .   %  O         &                           .     .   rt     . 
-    '   V                    ^  ^         ^   «T 

T2  «     15   •       :.27i     -^^                 :T°   ' 

^i             '              ™  C                           '  .{Svp         4}  Cti                         in  &     ', 
tn  &       m'  '•            '/iboc'1"'                      ^ 

^       c        'cS  ^     VH   •     ^"^  ^     x  h               -B'S   • 
S      3         £  £     §  :     C3.bj:'o     S41^  ^tfT-M     3-2  • 

1|  _l'|  .|l|l  fclf  JllllJ  111 

ifllliffilifillpllili! 

jOOHW^feoS^^PHC/^QHH     S  0  O  S  t/J  i3 

23.  Passenger  train  equipment,  ".  .  . 
24.  Freight  train  equipment,  
25.  Miscellaneous  road  equipment,  
26.  Floating  or  marine  equipment,  

M  oi  fo  TJ-  iovo  txod  o\  o  I-H  CM  ro  -^  to^o      t>.od  ON  p 

<N    N 

376 


{3         Q       •  OO      •  OC  VO      •      •             ---CM 

Tf     •      •      •   04   O                              •         oo        O          ^ 

OO      •      •      •    oo  0)                                        00          oo         1-1 

><  _J    •<£     .  vO      .OO"  04      .      .             .      .      .   "~ 
<  €/3-         <O         ^f  04 

<OfH     £ 

i-O                     o'                                               oo         C?         <" 

;  ;  :-           :  S  ?  s 

&P                          .                          .                                        

.   :   :                      :    ^5-          <^ 

Q 
III 

w 

£ 

LL 

10     •      •      •   oo  O                  •            •         ON 
^..•O04-            •            •          IX 

CO 
CO 

""  t>(3         !         !             '.'.'.. 

vO      '      "      '    CO           '            '            '         -t" 
M            .'            '.            '.         lr) 

< 

.4^ 
< 

!   ;   ;          '.'.'.'.'.<& 

_l 
O 

z 

s     1  3 

> 

f      ^   <0    -00     •     •  ix     O 
-cri—     •  ix    •     -oo     04 
a   rf    •  tx    •     •  10    •                         •  I-H 

•     •        *2    *     *     *  £9    ^ 
TJ----04      IN. 
•      •        00      •      •      •    co     O 

1      £ 

t/3    .^    04          to           '   ^f                                        if, 

:   :     .0  :  :   :  o   :   ;   :   :   :   :     3 

V             *> 

<?       s.          .          .     .          

UJ          w 

S    * 

HI           TJ 

u   H 

f_,         •   co     •  00     '     •  O      ^f 

-j             O 

^       S  w     «tx    •     •  Q     S 

o     •  *  •  K  •   •  o>  "rt 

•      •          lO'-'CO     tx 

£            = 

^     -S;  04^    *  10    '    '  vo^    \c5 

\o               ^o                               o 

(-H         "                                                                Tf 

uj         ns 

Z         tt 
«f- 
o 

ZU     4, 

"a           •           •                 

I     ^ 

:  :  :      ::::::.«&     :      : 

[7,    S 

r    sRiSifS^      ::':;• 

O  w    c 

—  UJ    re 

-04       IX 

<SZ 

k.  of  :  o   :  oo"  i<  :                :   : 

:  :      :  :  :  :  :      :  :  :  :  :     ^ 

3> 

<  oc 
>  < 
III  2 

w    2 

S  4: 

a  s      2 

_l   D         5 

*r  co        = 

1    -a      :      :         ::::::• 

.  .         .  .  .  .      ^f 
;    1          '.'.'.'       *&• 

AND  CAN> 
PHILLIPSE 

I1 
c    

'    •>    '     '  bfl    ' 

•  |J  i  :  •  :  itf  :  :  r  :  :       iv 

:  •  S  :  :  :  :  :  c  :  :  :  :  :       £-2 

*c/3*.*"         ctf     O^ 

I  1 

I             -» 

....£..  a,...     .^ 

.     ..      .      .    <U      .      .  T3      •      •      •      •    J) 

••••    ••g    ••-«••••'..-.  jg 

;  en   .'   i   ;  2  o 

f                        C    r-| 

:  :-S  :  :  :  :  :g  :  :  :  :  :       J3  § 

•      •    g      ...-.    ,3      TOM-,           <£ 

ft       ~     •      '       •'       •      •    ^            "      *•    r*  'S           U  sP  ^          .§ 
5s   of          .                                             "  •••         A  f^l  KA        ffi 

RAI 

Name  of  Railroad  — 
SOUTH  EASTOI^ 

:  :  :  :-o  s     5  •  •  •  2 

C    u           S,                   .  'J3    <L) 
^i              •               rt    g         w                .   rt_C 
2            u-              w   £         rf                '  tn'bb 

s    1     ^s  |     ^«-g 

g     1'      boo,    S)       6'Sl 

n        be        '§««=$«     '^^  M 

.S   j/5        4-j    «         en  ^   b/0 
T3               rt-M         t^  ^5   w-  O  H  C 

G     pT          IT!""'            ORjOflQCtf^-; 

wlrf  -1  -6-Pl&^ 

§7"  :  •  :     §J2     |g  &|    ^|     s 

•*S  53    «    "     «      -M°      •^G<UOJ       ,0  jj^q        cu 

^  w"1^  rt*u;^olS^*J'^o^       <D^a      <L> 
c-c-^  2  bc-^cS  c^—  fc  S  c  °     -5  w  ^     -5 

S^sll^'l^o'!!-?^     3^'S      3 
2^HH      SSoScS3f2foJSS     H>         H 

M   O4   CO  ^J-  tOVO  txOO   ON  O   1-1   04   co 

^f  XOVO          1X00   O\  O   t-i    04'   CO  •*  iO\O          IX  00                 ON 

377 


S          ...         Jrj  00 

c 

>H                                   S1 

O" 

<                         ON 

h-» 

c 

D£| 

wc~< 

W- 

Q' 
UJ 

w 
c 

s.              •       •       •       •     Tf  O 

M 

VO 

u. 

^  <        '                       'S3 

:  :  :  5-  •   •   •   •   •      ::::::::::: 

•4 

CO     u 

^w  %     '               '  ^t 

•      •      •    <N      

VP 

CO 

o  °   :            ^ 

(4         .     .     .     . 

{fo 

< 

<          ... 

0 

> 

-r- 

D 

1   :::::: 

cn 

T— 

,   £   :::::: 

fc 

%JZ   

<u 

-M 

>    ^ 

Ul 
CO 

cc 

(0 

•TJ 

h- 

c. 

c 

>    ^ 
&* 
i 

m 

£ 

-D 

n 

\     E    ' 

2 

•;   ^   ; 

> 

c 

}  >:::::: 

ui 

re 

£> 

JMI   :::::: 

ff 

z 

•7 

H 

•5 

4> 

[  ^ 

q 

UJ 

III 

ffi 

:  3      :   :   :   :      :   :   :   :   :  :::::: 

g 

\- 
<f 

I 

Z 

CJ"S                   '      ' 

•'M              

00 

D 
-1 
< 

^ 

> 

DC 

^ 

£ 

u 
t 

c/ 

!  1  :  :  :  : 

;  £ 

Jj 

&   '   '   '   '  tx  9j 

vo 

UJ 

^ 

^    i- 

tx 

u. 

^ 

>    < 

<     I? 

i  .5^  :  :        <N  w 

:   :   :  ^    :   :   :   :   :       :   :   :   :   :   :   :   :   :   :   : 

_l 

D 
ro 

^ 

W- 

z 
< 

o 

Q 

Z 

< 

5 

DC 
H 

CO 

z 

:S  '  ' 

•*>•                   •  v     • 

•   en"    g     C     
'C     en     rt' 

0 

< 
o 
cc 

< 
DC 

h- 
Q 

.       .       .       .    <1J       . 

.     .     .  3     . 

.'J75     .     .     .     .           .     .  ^     cu     

;|;;;  isf  i  ;|  i  ;.;  ;  i|:.  ;  ;;; 

«  '  :  :  go     £  .:::::  &  :  :  :«-g 

til 

-I 

Q. 

:   •  '-o  <g 

cx 

< 

cc 

Name  of  Railroad  — 

STATEN  ISLAND  RA 

£                 •       .      .    C3    ^ 

c           -    !    I  <w  °^ 

^         c'         13  ^ 

«                   'rg                            ^     ^ 

g            P                 b£CX 
T4             ^                 C    Q< 

Q        be   • 

•        •"   en 
C    ,-T     •  *J  •  "^ 

rt      Q                 }_,  T3 

tfllli 

hSooHm^i 

4^  »^H      <L>  c^   *          *  t/r  ^      cj   ~  ^  ^4 

|i;,:sM  It  i    !-§  l|f! 

2     *     •  ed   b/Gr,-]        CXi4~  <n     ^  &        <J  O        ^g—-., 

5      •      'C'"                ^tncuc/T-'-'          3  "^         CT^  CXT3   Q-> 

lijWf^SlllJs  :&sf 

ll^llFlI-l^llllsl.!!! 

flill  fiilPllii  11  iff! 

UoS^'SiS^cHH   EScSc^hSfSTSSs 

ex 

•*& 

« 

M-H 

o 
*rt 

13 
"o 

O\  O   M   C^  ro  Tf  i/)VO         IXOO   C^  O   >-<  OJ  CO  T}-  irjvo* 


r  Q    ON     •    ON  Q  OQ   iO 

\Q  *H^   •  o  o^  o\  10 

•  »^,    •  ^ 

"O 

Tf    • 

h-T    '  t-4' 

ocT 

'     IO 

r-l         "      >—  1   \O 

• 

' 

;  <N 

§O      •    IN,  Ol    Tj-  01 

•0 

• 

M     •  M'CJO'  ON^O\ 

'•  O  tn    '"X> 

tN 

•  ° 

tN       • 

R     IN  :  rf  co  ^f 

>-            rt        .     M   OO 

8, 


379 


Jtf* 

5(H 


Q        PH 
H!         * 


g  j  q\ 
u5«|^ 

< 
> 


t 


:l 


1O\ 
t^  CO 


5     f  I 

•S  (-'  I-  ^ 


^•- 


111 


ON 


^ 

tX    >-H 


S   C.5         <U 


5rill§.S8a8|.gf^ 
efi*jj-fi2fi| 


e  I 

< — i  <U 


H    EwoS^^r 


txOO   O  O   w 


M    C^    CO  10 

r^  o<  o<  <N 


38o 


2    N 

>i£ 


i  i 


Q         PH 

S!     * 


:^&2 

LO 

of 


Tf  LOOO 

°^L^^ 


—  LJ 
t  I 
<  CO 


*     L 


•5          *J 
^          < 

5  ? 


O  §     - 


<Nti 


IO  >-(    IT)  O 

IX  Tf  t^   |-) 


22  o       ^ 


So 


fe! 


Q. 
.&  g 


i  •§,  rf  "  ^ 

^^-lO^C  ^C^rHal 


uT3^  g  o  bxj.M^ 

' 


O     i     O          O 

3   M  be      ^ 

>°1  s 


H-I O  O  H  W  H  fe  O  PQ  HH 
M  w  ro  TJ-  xo\d  Kod  ^ 


-5  2 

o 


N    01    ol    0?  oT 


Kqp 

01    M 


38' 


p     (Xs  iooo       «  K   •••          vo  i-       ^t      ^-'           oc  o  O5  o  8 

i4       CC   i—    O          O   ON     '      '      '               txOO         Ix       VO                      t—    H-I   rj-  JN.  lO 

1  ! 

s 

c- 

i    E 

T 

•> 
\ 

I 

*°go                 M   :  :   : 

D-  I 

ui     — 

"*•           .-        tx  ON  0)         tx  HH                               \T5  tx       VQ         O                 •   ON  O  O  O   O 

LL        s>     oo  "^co      CO  Ov   •    •    •           txo       ON      tx            '^oooo 

<^ 

1 

tx 

£ 

« 

I 

_i      <                       ;  i   ;  :  : 

o 

0        > 

r       ^iO---.iO     OOOv           •          C^-'-ro     

B 

>" 

Sjcfl.^^'                        i_oi-i         •              •••h-1>' 

15  c/2^-s~       .  .  .  .       .          ...      ..;;.. 

jj     <f        S 

o* 

&3- 

^^^      •  :            •         

LU 
CO 

cc 

&  °   £ 

-3 

S^-       gQ^----?)     ^O*--        R---^    
Po       SVD     •     •     •     •  'V     txio-.         0---cT     

$ 

^ 

fO 

> 

HI 

</9- 

DC      ,      -5 

z 

7    U 

•s  I  ^ 

°r^^'ON^ONi-'            •                                      tx          •                    OOOrOQO 

CD  U 

III 

ON 
tx 

§ 

*         itf^JS   :v°^   :                            :c°                   :M      ^^ 

CO 

<^o 

««- 

^      frt 

AW  s                  >-'   ;;;;.'                .   .   ;   ; 

0) 

—  ^      W 

§    £                                    . 

& 

<  oc 

w    2 

s  * 

^     ^ 

111  ^ 

*-"    s^  M*  w  '^  tx  •  •  •  S\     •  •  •  •vHNp-'8R8 

-I  D 

i     §            1.8**.   '.  '.  '.  :  :  '.         :  '.  *  '. 

«*5 

01 

*0 

<   CO 

i 

0 

z 

*< 

Is   •  

:::::::  M-  :::*.:::•§::::     |  :  :  :  :  : 

C           *to'."               o3                 ... 

W- 

i  ^  ' 
</ 
•S'J 

*-^>? 
E 

^7     "^ 

S    CU- 

ROAD  > 

g            :  :  :  :^  :    -55  :  :  :  :  •  :  :^  :  :  :  :  :c  :  :  :  :  : 

f.            l  •  :  :  :  §  :    ^  :  :  :  :  «»  :  :  %  :  :  :  :  :  %  :  :  :  :  : 

OL            :          £:%::•?•£•           :§.:;• 
w            :          d  •     co  :      :  ^g     «r                 :  S*     :  :*r*f 

<u  g 
«  a 

1 

.=  1 

_l 
< 

o       •:      -§§  %   •  :.$*  *$         '•-*'  **  ;§g 

1^1 

3        rt 

CO 

rt 

1? 

DC 

13          !2                                                    '^-Sojoj                     to'rt^-S'0' 
|—                    .     -            m  S        tf                 LO  bJ5       c  -^                       <u             P  "tt  S  S 

cxl>'§ 

CO 

*^3    o 

I       S    :g       ^1    "H        «-£§.§,-             g-s    .11  II 

•o          «       1  2            ^  «    .  a            rt  ^ID       S^1^  »T    -  J2"       <-"  9       E  S  —i  flj 

2      L^    :•§        b,|    sb       pi  .IsSfl     S^l    fffU 
=  '§:&)       -I8*    -Sg    '"^^O^Sg'I'B^'S1    |^2^ 

I                         11  til! 

'Sb.o't 

*l^  ^ 

i  Sis 

o^  S 

<L 

*rt 
0 

v^ 

/"alue  of  materials  an 
for  use  in  maintenan 

txod  d\  d  w  c^  co  TJ-  tovo       txod  d\  d  ^ 


£^ 


d— 


:  : 

:   :   : 

•  t/T 

:  :   .      : 

•   1  • 

;& 

'  '• 

•    in      ' 

•  't/5 

'.   £ 

.  <u     . 

I'D 

'.  '.     y* 

)      . 

.  J>     • 

•  c 

•                       V) 

•   rt 

"  3 

'.  o 

!  to 

'  '  c  S     <£ 

: 

l§ 

.  a  c 

'     C/5     J5 

it 

'.    c/f 

^-j  »*-4     c. 

cr;    bfl         c 

:  be 

•.S 
;is 

111 

.  'O 

.       1-4 

•  5 

7  C/T-1-1  S       C 

.X 

•   b£  0- 

•     r*     O. 

•  5c 

:.&  2  rt  oj-'fl 

.en 


ctu 
oo 


and 


aini 
ts  a 


2.8  ' 

fT<    ,Tl  ^, 

o   a)   bfi 


•    -  'S-s  '&s 

:  bp'gjf  arS  bB^'w 


-M     C 

C    rt        -(-> 
.^^rf« 

'     ^4.,     O     OT 

1  J2*E«  Ox  o> 
R.SP  >  <u  o  > 


:;gg 

£  '•  s  s 

5  ^.g^.a 

,||  II 

§«  a*o  <L> 

<U'S    ^    C 

3, 0'C 

.S  w  ^  rt 

CS  CD     g 

f  h  £  3 


--i^  r-     bjQ^  'S    W)  J^j 

lillUlll 

^OOHW^feOPQ 


1 1  iHU!  s  «4J  |l  pi  g  1i|  1 

lll&llllll-il&lilli  ill  i 

2iiso^r5«^.2_?:i..r*r  «-!Orti-t^!^5         O.^*-1         o 


tl  .S  a  c-  O  C/D  .j*'  o 

c  -.S^  S^^  o^  Sa^ 
CWWOScOi-jPHfeSfe 


ue  of 
anchi 


Total  value  of  tangible  property 
Value  of  sub-division  IV.  "The  va 
maining  property,  including  the  f 


i-!  N  co  TT  io^d  Kod  o\  o  •-;  ci  co  ^i- 10^0 


^^  £ 


"SI? 


O  tx  tx  Q  vo  O  ^OOQOOOOOTflxOIxco 

co  vo        vo  Ix  O^  Tf  HH"OO~  co  Ix  CM~VQ~  HH"  T£  O~  I-*"  tx 

CO  CM          tx  tx  HH  CM    CM    COVO  00    CM  VO    HH    COOO    HH   CO 

CMCOCM  CM   O   "-I         TJ-  HH    HH         tx 


cf 


1 

>  £ 

UJ      » 


UJ    73 

-»  § 


11 

r" 


, 


1 


v°         « 

•"V 

nC  C 


Q 
Z 

o 

-g 

(T 


CO 


be  a< 


rt  • 
3  • 
be  • 

if 

CC    r^H  ^ 

CJ    03    faJO 


.'+3  <u 
.  S  G 


»<+;    en     ^  tn 
^'cuc        J^cncucn-»i 

b«2:5   «HS  c  c  -tt  S 
•s^.^^Cl-i^^ 

£2  *?  5P'S  5  ^  ° 
J4 


- 

" 


•  <u  C 

;s  a 


*^!   03   C 


c 
.'T5 


^  o  «2  g    /g 


HH'  CM'  co  ^sf  "ovd  txod  o-  o  i-<  CM  co  Tf  vovo       txco  ON  o  I-H  CM'  co  ^  vovo 

WHHHHHHHHHHHH  >-HHHHC^CMCMCMCMCMCM 


XOO   ON  O   "^f  Q   <N-OO   CM   rf  TfVO  VOO         CMOOVOQtXHHQIXHHQCMO 
3  00  VO    O    *~*    ON.  O    HH    Q    o  vo  O  OO    CM          vovo    CM  VO  vo  COVO   CM  CO   O    O    O 
x  xf  O  OO   ON  1-1   co  TfCO  Ix  O  tx  co  O         '-'CMOVOOVO^CMONOCMO 

I 

-1    HH  vo'  O\  coVO~  IX  O~OO~  O   M  vo"  T?  O\        <yOtxi-'-O*'crcOHH"o\HHcrdNvo 
3          HH   HH   HH    CM          HHCOCO        CO  vo  O         COCM   vovo   O  00    O   CM   coco   HH  ix 
"^"VO   CMO^                                     Tj-T^-tx                              COVOHHHH\OCMCM           O 

?                                                                                            ~ 

1 

CO 

W- 

3N     •   CM        VO   ONVO   CM                     CMON^            -vOOONOco-..'--.. 

O!VOOOCMHH"                            volxOA           '    H-Too"^  co  tx  vo     

9  :*>     "%                 &§H        "^^K   : 

vd^ 
r^ 

^      •                                                                                                HH                                              HH"               

2      •  O^       00   CM   txVO                    VOVOO              OOVOOtxvo     

& 

O 

to 

w 

Q 

^.VOCMOO                                   covoO                CM   voVO    O   tx     ' 

D         .                                   Tf-                                                    Tj-   Tj-   tX                                           CO  VO    HH          • 

VO 

CO 

^       •                                                                       .                                HH"                                                 H-"                '','.''.' 

5 

xCO   O   O   CM   ONOO  VO  VO  tx  ix     •                     -rf     •                  •   COOO   rf  tx  O   tx  co 

^ 

S 

| 

^VOVOLOHH'COCM             *                        CM"                    'VOHH    COOO    ^    CO 

OCOVOHHTf                                                                                                                                                                                 ^KHHHtX 

co 

^e- 

"fOO    coQHHCOvocoOOvo                           vo-      •      •      -OOVOCMOOOOO 
N  rtoo  oOvOVOON^OCtxO                           HH..            -^^l-c{o>OCMO 

§ 

•(•        vo  HH   ON.  co        HHCOCO                 "               co''            't-iOCM   COOO   M   tx 
O         COVO    HH   vo                                           '                         '      ]            '.          HH  vo   CM    CM          O 

0 

to 

.«  .  :  :  :  :  «j   :  :  :  :  : 

h\- 

.* 

CU    c 

g| 

£•'•§•      :  :  S      ;'  g  .;            ;  =      1  \  I  I 

•^  1 

cj 

8rt 

S          &    cn    O 


V)~1    -M     C 

O   05   « 

SC 


cc"        a;'^        u2^Ort^         rt  cn"'*   nj'bcrtO^S-M'aj6i-        wnci'    cuCC 


&.  6 

CM    CO 


384 


3   S" 

DO      •    i-H    C^      '    O      "      *      *    O   ^^     *  00        CO                   *    'T^*  ^O  ^*O  ^"  O   iO 

5  ^f    •  oo  ^^     *  t^*    *     *     *  5^  ^5    *  t^v       M    •    •    •  T}~  t^x  o  co  O  'O 

01          Q 
£         § 

01 

>  <<£ 

2  ^2   •  £1^  •       ...t<      :  M     "H...CO     covo  o\ 

$          ~ 

I 

*|l 

:          :       :   :   :          :             :   :   : 

S 

0" 
<« 

Q       | 

HI                MV 

C        «4v£ 

§|  ;§^  ;|  ;  ;  ;<§§  :|  |  •  ;  ;sK'SI§,S  : 

S 

co     .^  2;  <^ 

O  co    .'  oo"  M    .'         .    .    .'  o  >-<    .'  01       1-1    ;    ;    ;  ir>      10  o'  rs.        ; 

tx 

<    §H 

~~:J~:       :::"       :             :::                       : 

^ 

-1      > 

0       ^ 

Z 
T—           ~")      r      ^> 

% 

-      |  1  .£  ' 

:   •   •   •  01   tx      »4  

M 

^_                   4)     <^           =:        . 

w- 

/n         X  u     £ 

2     <%  ^ 

111         re  §      ^    ' 

1-5          o  O      S    • 

.10    O   co     •      •           •     •     •     •  W           ... 
.VO     COtx--           •     •     •     •  ts          ... 

••-.O-----O01     ix          ... 

g 

>          *-(->!$;' 

>      =  w<t*  : 

'f*5.        ...di-i.            ....^ 

vg 

g      ;•[£: 

<&- 

0      k 

Z       1-         (U                         ^     I-H    \ 

O  111    C           •?  *£> 

•—  HI    re          ov^ 

O  o    •  ^  3"    '  o    •    •    •    •  10    •  co     'co    •    •    •  -3-  to  co  ^t  o  LO    • 

8^T  :^8s  :^r  :   :   :   :SJ   :^     ^   :   :   :^^^R^  : 

S 

°°. 

g. 

I-   X   "Z.         i^*2 

cfco"    !  cf  S   !                             !  >-*       M    ;        ;  01       coo"  ol 

M     HH               (^   O\                                                                                                                                                                  hH      M      k-, 

IO 

D   ^         S^S 

^o 
<>o- 

-J  >     S   H 

<  a     S  £ 

g|z"S    e'Sv 

«•   ^   DC   <    .>  ^ 

_j  D  UJ  £*-*««• 

2*1    2 

°5     'tx£j     '  M     •     •     •     •  21    •  "*       O     •     •     -mioLOOO'O- 

3|  :^2   :^.  :   :   :   :&  ;o     j*  :   :   :^^^J|%fe  : 

-$  :88^  :      :  :  :  :      :H      ?  :  :  .        ^£>     : 

Tt 

J 

^ 

<r        ^ 

S      o  I 

z       Q 

:      :::::::::::   :s  :::::-::.:: 

|fc*l 

> 

J 

1  —  >  >->. 
.t 

<      i 

Q                       < 

:      :   :  :   :  g      ::::::§::::=::::: 

I 

=  1 

<       z 

S    ? 

u  :    -o      :  :  :  '  if 

:       £  •:    !      i  :  J      -S  :  :  :    .:  |  :  :      ;  ' 

>^i 

H            C 

:       c 

1/5  <v 

2      < 

On^"1     b 
O-         C 

p     ^ 

o, 

-  1  i 

I     S 

"o        2 

j  fl  i  i-ii'l  !L-j  li  ^li'W 

^&T 

.-a  g.s 

3 

;      t/ 

:       £ 

_-4- 

c  c 

rt  as 
C 
V)    v 

CO             U 

°        ur 

jj                b/!j  ft         ^~           .    b/3  i^fH      ~Q^£S£^r^Zw          *~"      *-.;^r^  '*^ 

rt  •*"•*  "i" 

.2  c 

—              Q 

bfl           '£ro       ^—  iOO."J        t«Sj.'-i'-i^iftj^v"'rt     ..r^aj"^ 

•^    ^ 

o   rt 

OS 

.S   (/)        -t->.*2         <r>   ^   bJD-^  ;r;               ^**j  O  *°   fl      •£dt/)^ 

0     i     C 

)              C 

^  S 

DC 

1,             i 

H  n 

S 

b^l  j-^  «a.ls  |  fellll:i|  s~Js  ll-S  «-  1  SB 

J    M   b 
rt  «+H  c 

C       ^ 

:       n 

^  «> 

O   w 

£           -o 

5  -a  c  J>-^  -|  1-^  *§  *§  |  a^  &  "1  *§  ^  fi  -S  H  a  o  w  *S*S  '-S 

'rt    S   r 

"7 

ns               c 

^^C.^(-^^|Q^QJrr!f/}QO     ^*     *-t^3^^^\njC/'jQ(_i;f/>QC/5^ 

-i- 

F^H        O* 

Z                 « 

—  <   «-  ^  >;   ••<   <u  «-H  •—  |  "^  S   rt  x:  O    <*>  5       •  .-.  r-i  »r  S  ^  O  rt  i_  ^  ._ 

r°  ^    ^ 

•  > 

K^ 

txCO   C>  O   >-<   01   co  -4-  icvd 


ON  O    i-5   oi  co  ^  tr.vO         txCO  O\ 

i=n01010lN<N0101          oToi  01 


385 


<N    01 

o^  q_ 
^^ 
«*• 


of 


^  \r> 


<R 


h-i         00  OO 
VO         no< 

IO        VO    CO 


Tf-  HH 

«*-          0 


Ol          voOO 

hi  00    ^" 

10         ^-CO 


°Q>     ^  9. 
h?      oivo1 


00 


^f  ON  O 

tO  CO  M 

00  O    Tj- 

HH"  IX  tX 


i-T       t-i  co 
HH        00  rf 


ON 


° 


^       to  tx 

of  d\ 

Q     £. 


ON       co 
«        $< 

Of  M" 


tx        tx 

co         I-H 

CO  T)-V 


Tf 
Ol 


8 


O  CO   Tf 

S  vo  co 

9,  ^  p. 

*™*  O\  ON 

O  tO  tx 


8     88     8 


i 

'5j 

be 

; 

ssessment  1910, 
fference.  . 

HH     C 

°5 
«  " 

*g 
"s  I 

G   £ 

fference.  . 

liladelphia  &  Readir 
sessment  IQIO.  . 

fference.  , 

ie  Railroad. 

sessment  IQIO.  . 

fference,  . 

4 

sessment  IQIO.  . 

fference.  , 

08 

CO 

c 

0 

-M 

c 
<u 

en 
% 

Terence.  , 

13 
oj 
O 
IN 

Is 

fr2 

|s 

*1 
f§ 

Terence,  

V     WJ  •»-« 

CU<      Q 


Ce 
As 


Ph 
As 


Ui    c« 

tt< 


Q     D<     5     S543     S     2<     O 


386 


OO   O\ 

00           •       •      •      •                                                                                                         "3-  Tj-         ON             01    ON  01 

*S"   00"  H-T 
^    to  to 
o    "">  "3" 

vO                                     *                                                                       "       O  ^O         ro           txVO  O              C 
O                                                                                                                  '      ^O   Tt-        HH            to  HH   Tf 
M           txtOOl              t-tO"-1                 >- 

**&* 

111 

^       •    .      rtoo      oo        vooo^ 

:     ::::&*  |w     i^04 

i    oS 

^  ^§ 

•X3   OO   T|- 
o    O"  t< 

^"                                        "      "                                           '       ^O  OO         00                                           ^      *                 xr 
OJ           i             VO   u^         O          '.*''*&""..          °? 

s  -g-S 

*-^             Cu   "ti 

-    £l 

VJ        hH 

^  <fr 

^ 

.     .    d  to 

11  :'   :    ° 

g   ^^ 

03             .03 
§          t§ 

rt       S  £ 

^    Q   °g.^ 

rC)      K             ~        *. 

^         ....          ....       o^^)       VO                     ......          ^     -               rt 

£ 

be       iS  "^ 

f  1  £s 

^..-.                       acToo              •           2*^    *    '      c 

S          ^     <L> 

S  x    -3-  01 

££<^r 

£    ::::     '•  :  '•  '•  ^    1          :  :     '•'•'•'•   >™  '•'••£ 

5  ^E 

3              ^     04 

^ 

^00 

~    o  o 
2   to  o^ 

'     ....         ...           £   v     .     .       ~o 

S>   •   •      rt 

o    ^  £ 

HM      CO 

*°           -r-,'0 

s  Is 

rt  IH 
bfi        ~(u 

rj    to  ON 
•  2    01  to 
fi    to  01 

01       .;        .     oo  ^o,      ^"2       '.    .           ....     rt        •    •      j 

C         >.  So 

•c     g^ 
«     ri.'S 

<u        ft"4-1 

n     s  ta 

s 

*"               P 

fO       «*3  O         ^         •      G1  —  >•'         ^ 

u       o_n 

1  ifl 

rt         rt   O 
S       -5  rt 

§     Ol   tx 

10      VO   01          %•          •      •      •      •                                                                       •      •      •      '        "    £      •      •        '" 

•S      S  £ 

•  §    "-T  o" 

3  S?  1    ;  ;  ;  ;    |  M        ;  ;      ;  ;  \\l&\  :.J 

g      fe  „ 
-o     H^ 

03       T-I 

"  ^-    ^      :::::::            :   :         :   :  :  :  ffi|  ;  ;^ 

V-c                 S     «H 

0    ^^ 

"§      ^o 

rt         s   ^ 

*  *ojS  '  :^  § 

t-i     3'C 

•      •      •  •  J    cr 

'C^1   Q, 

>    2      •      •    C    ^ 

JS  e^.  «^  g 

TS  tx'?   O 

t^  5  o 

:    G  03  :  '.     £  c 

j_  ON  rt  u 

Ti   ^          .   ^   >  f- 

S  °*^  <u 

y  2        .  <L>     .t: 

O  -M   c   - 

:                    :  :      :     :  :            :  :            :  2      :  ^  «  :   :  g  w-| 

l§|£ 

W    IH         **^ 

Name  of  Syste 
8.  Railroads  Not  Classified 
Assessment  1910,  

-o"          GO-           :o          eg     Sf  ^S  «  :  g  .5*0 

K/HH                                                                                    ;ST^.>.>g'-; 
K^ON                   coON                     ^ON                 *H  G          cj           TJO.^rja 

MM     :    z~         %"         Is    S  ^i-i  '"^  o 

c"                        C4-1                 DJ-*-*                   cd-*->                   3<u^rt'u                         -(-j 
GO                 0^        oTG        oTr-JC        aTas^rtL^r1^             ^<u 

;  ^SN     Is  §  .si  s  °s  s  ><  5  s?-c  ^g 

•^M               >^       £.0175       JJ-^S       £^                       cLo-2       c^ 
-a*!        ^^^       a'Sb^       a3§S       a35                 £?•-£•£       o 

^^S     8^^^^^S§^^,22     '^5  g-32  '5  g 

g     ^S       g     w<      Q    H<      Q     W<      Q    H                ^2^£      '§'1 
fc|'rta>lg*rt                     "rt                     *rt                      G                     SgJ^^        |^-§ 

S  ^1    S  E2'         Is         1""         1"         |'B§3    '" 

*             2              S              2              5>            5    £f-T  z 

S    -    G-0 
<L>           rt    <U 

-Isf 

s  "S^s  6 

rt   o  C   O 

c  V^  <u 

§£^rt- 

c  >*°  ^ 
;2  8  i  ^ 
5.5  -o  c  ^ 

^is-> 
^o's  ^ 

&C^   « 

-o-^K^; 
<u        <u 

J5     J3 
H      H 

Statement  of   Capital   Stock   and   Funded 
Debt  of  Subsidiary  Corporations. 


387 


389 


oqqqwq^-c^qqqiofoq\tnqi  co 


.10.    .  Tf 
^    '  i   '    •  N 


O\    •     •  O     •     •     -  O\ 


O       W       K^ 

*-•  £  w 

M  H   ^ 

S  §  a 
Q  §  > 

ill 

Z  tn   ^ 

gg§ 

Q  O  -5! 


^  <  H 

s/!  p2  ^ 
00% 

O  Pw  ^ 

H  rt  Q 

en  O  <J 

>  O  o 


O  •••*.••  C   ~ 


93 


PH    O    < 

<  ^  2 

0  ^< 

in 

*  %  ^ 
^  <  > 

s  3  s 


S 


H  ^  ^ 

<j  S  w 

^H  P  P4 

w 


•OOOOC^      -OOOOOiO  covO  CO  O 
•    —;_•—•    — r      .      •      •      •      •      •      .  ^".      .      . 


Po 


ft 

VO 


^S^fettiil  riip 


f  i/jvo  txoc  d\  d  M  oj 


CO 

t& 


Ok"" 

*      rt 
-.    c«         O 

^    P       . 

r<       ^T  ^ 


§^ 


o      *      f^ 

op     •  • 

rr,  .r1  -V^ 


39° 


q\  rj- 

8  8888883-^88888888 


Sg 


£•'  888  1&8&88  :8    8888888^88888888 


PS 

£  fa  s 
w 


H       3 

CO  01 


CO 


O  O  co 

O  PH   pd 


s  <  ^ 

6§° 

to  5  Q 
o  «  < 


w< 


CENTRAY 


g       •-*  ^    M  to  T?M3  Pf  VO  O  O  O  Q  £ 

S       ^w    c^ic^C'5'>oioi-i-^-coioov<o 


^  £  Q^  5^  o'vo"  cf\  o"  10  QTod 

'  M     01  VO 


of      of 


g 

I 
c 


.     O 


c 

3   rt   ri   <u  3 

moooo 


bO  rt   o 


End 
Side 


W 
W 


il! 

W2     tO     Oj 


S5§ 

zz* 

<->^3   o 
O  v  ¥ 

w*  " 

-.^ 

III 


Iff 

c  c  g 

8^g 
« ^^ 

^PnP-1 


o  o 


391 


§g 


§g 


t/3 


CO 


co  SS 

25 

$  P< 

<  o 

P4  g 

O  S 

PH  Q 

O  W 

O  PH 

Q  Q 


@  2  < 

|Ii 

?s  s 

s  ^ 


ii;i 

~e"2      I  "? 
s  S      •  rf 

&  ^   * 

o\ 


owinCi 
O  vo  woo 
~  of 


eg 


c 

6 
'* 

c> 

s-r 


5£ 


P-I 


Is! 


ago* 
S^  S 


«          CX'- 


392 


888S.8 


O     O     M 

to  o 


s 


fa 

O 

M 


888% 
888" 


8§S>^8^ 

8  80000  8 


pa 

Q 

PH 

G 
£ 


HH        O 
ON 


O      O      S        S 

O    PH   Pa 


3 

i— i 

PH 
< 

o 

fa 

o 


O  co 

o  >< 

°Q 

So 

3  g 

«  3 


i.ia 

pa  ~ 

IS 

^   ^ 


O      <N      hH 

to  ^O  r^s 

(N  o  n- 


gf  ^ff^SS'0^ 

N   <N    HH  VO   O  *O   N   N 


C 

•« 

2 
o 

«• 

e 


% 

5 

Q 


:r9s  s  2 

>CJ 


S^-o 

£«  g 
*a| 

*|3 

^ 
S 

|o 

2SooSg§§§ 


iS 


^Q|^^^50go^ 
..  v  b/)  »^  ^  ^  K^  -H  fli  di  ^ 


and  Railway 
hung  Railroad 


-M    ^J    ^J      C      ^ 


I 

>> 

CO 


£  mv 

^  ^ 

CO  ^ 

T3 


OJ  o^ 


CJ  J2    O 

4->  »rt  -M 
W          co 

^n'O-H 
03     W     rt 

•afa 

o3   P    rt 
O^M    O 


O" 


dk  d  i-J 


393 


J-x 

VO   CO       00 

oi 


to 

CO 

to 


to  £ 

O  W  _ 

*  g  s 

PQ  ^ 

§  g  « 

Q  S  ^ 

to  ^ 

Q  §  ^ 

Jz;  §  Q 

S  co  i 


^  Qd 

8  o 

O  PH 

CO  O 

.    T  O 


OT 


£      ir<      HH 


S  O  Q 

<  s  ^ 

o  a  < 

to  <  < 

O  «  s: 


I  3   I 

^  a  d 


to 

1 

Q 


I 


W      »-r     .» 


to  to 

00   O 


& 


r*   r>~>      . 

co  cop 


•a< 


r^T   *"*    ^   en    co^    W   *"* 
i       S  ^  PH  PM  PH  CO  ^ 

"-<  c4  co      rr  lovd  txod  o\  o 


ag  | 

O  MH    O 
O    O    O 

ba  bo  bo 

Iss 


affiQ 


ERSEY 


394 


0  r^    *  o 
o  m  ;  10 


CO 


I 

pa    £ 
E    ~ 

.o    £ 

§       PH 

I   § 

O      O 

«   § 
1| 

£      - 

3      <       ° 

^     P^     S, 


PO 


2; 

tf 

o    pa 

O     H 

o  8 


PS1 


a  g 

CO       p 

g  a1 
w  g 

M 


888 


S^ 


to  o"  Q"  o"  O~ 

01  ^O  VO   O   t^ 


CJ    <U  K 

&&' 


o 


O    O 


111 


r-<  QJ 

III 
Hi 


pa 


!—   P. 


o  o 
o  <y 

rt  _rt  ^2 

S  §  S 
o  o  y 


395 


§ 

p 

D 
fa 

Q 

0 
O 
£H 

CO 

H) 

£ 

£ 

O 

fa 

O 


CO 

O 

£ 
<J 

§ 

PH 

1 

Q 

g 

P^ 

K4 


June 


2^ 
lc 


S8 


$17,675,500 


>   0 


c3  *-J^  ^ 

0*0  o 


b£  bfi  U) 

rt   cd   ctf 

u   o   o 


RATIO  OF  OPERATING  EX- 
PENSES TO  EARNINGS. 


397 


399 


RATIO  OF  OPERATING  EXPENSES  TO  OPERATING  REVENUES 
OF  THE  FOLLOWING  RAILROADS. 

Atlantic  City  Railroad  Company,    80.49  per  cent. 

Atlantic   City   and    Shore,    51-56 

Baltimore  and  New  York,    ' 82.97 

•Cape  May,  Delaware  Bay  and  S.  P.,  152.17 

Central  Railroad  of  New  Jersey,   55.63 

Delaware,  Lackawanna  and  Western  (Entire    Line),     53-58 

(New  Jersey),    57-45 

Erie,    65.06 

East  Jersey  Railroad  and  T.  Co.  (Railroad),    96.37 

(Floating  Equipment),   ...  83.45 

Hoboken  Manufacturers,    85.72 

Hudson  and  Manhattan,    43-4O 

Lehigh    Valley,    59.95 

Lehigh  and   Hudson  River,    61.76 

Lehigh  and  New  England,  62.84 

Mt.   Hope  Mineral,    50.02 

New  York,  Susquehanna  and  Western,   59-85 

Pennsylvania, 68.70 

Port   Reading, 35.61 

Rahway  Valley,  Lessee, 90.94 

Raritan    River,    54-72 

Tuckerton,     73-22 

Union  Transportation,   Lessee,    84.31 

West  Jersey  and  Seashore,   75-76 

Wharton  and  Northern,   69.71 


COMPARATIVE  STATEMENT  OF 
TAXES  PAID  IN  ALL  STATES. 


401 


26  E  S 


403 


*   l! 

CO        gj 


^        "^00        04  00  tr  co 

o6vdvdo4o6o4^MM 
COCO»-c04>-i         HHHH 


vo         vo  -^-vq  oo  tx  o\  vo 

ON  04  O   04  cOVO  O  ON  co  O  VO   ON  HH    "Vi  to 
HH  HH    co         04         04040401OHH01-<HH 


|  i  [xjxxxxxxxxx 


. 
in 


CO  < 

^E 

M  M 


.cooico'-'NONOlHHTt-ooiOJxONHH  tx<o  01  in  04  covo  m  m 
**  04  rfjs'ONlxcocooivo  04  04  in  O  HH  oo  O  xo  rs  invO  04  ON  tx  o 
S  vo  O  04  ^t~  ^vo  tx  o  OO  O  cooi  10  tx  o\  ""i,  10  O  tx  O  00  tx  04^  co 
Svo~O^o\txcoHH~o"iorxHH>oftx  o"vo"  M"  o"  in  of  ONVO"  o~oo"  d\  co 
^  ON  HH  Q\  ON  ON  Tf-  txOO  -^-vo  ON  mvo  co  txVO  txcoONO  lOTfONix 
g  co  M  04  "^"^C)  Mtxoi  inrf-rxcotxOl  i-iVO  ON  "-i  m  04  O\m  ON20 


wj    r    *^  t-j  M 

M     h- f     (NQ   I— I     1-1 


i-T      in  co  of  of  i-T  h-T 


co  co  co      i-i       »-- 


S  10  i-c  -H-  ON  co  O  txvo  04  I-H  QO  cocom^in  TJ-VO  00  TJ-  txOO  ON  co  ONVO  04  *-<  m 

t  ON  r|-  rkOO  ON  TfoO  Ok  M  rt-ONCOTfcoTti-Htx  ON  OsOO  HHOO  ONOOOtx04tx'-<vo 

'  ^  04   01  °P  04  m  co  M   M  co4^-04COC004  f^vO  co  co  co  04  M   04  CO  C^  co  ONVO  W  W 


gg 


.  rx  01  -3-  O\  moo 

M   ^  ON  fO 

^  co  tx 

to  10  O*~ 
- 


o  fo  M  04  ON  txoo  M  o^ooioo  MOO^-  mvo  oo  ix  M  M  ix  tv  01 

O  Os^  00  »-"  Tf^OOJ  O\Tl-roiO  txvo  ON  01  ONOO  04   fO  CO  O  Ix  O 

^          t-H  hH  ONM  q^o^o^q^o^oi  o^oo  1001  ^oi^o^o  ^^t^^ioi  tx 

10  O*~  ON  T?  00~  >-ToNiovort:Oll^>-<>xfo"'coorTfioi-H'  n-Too"  of  tCoo"  of  o"  rf  of 
ONTfO  M  OOOtxOOO  tcvo  O  ONIOI-H  t-t  01  rj-01  fxO  IOOVO  ONXOtxtxO 
H  >-\o  i-itx01u-)01iooiOH-  vO  ON  ON  Tf  I-H  00  •*  OOO  10  Tf  "-<_  toOO  O  HH 


^ 
M    in  CO  O  CO  HH  M" 


OO  10  Tf  "-<_  to 
o  CO  CO    i-  i-  i-T      rf  10    t-T  10 


<M      . 
^S  ^ 


S-wOO  ^O  txON»-iVOVO   COOI   >-<  Tj-vo  VO  00  04  O  inOO  ON  TfVO   "-1 
Q    Q  ^  ^  M   Ol  ONOO  co  ON  txVO  co  txOO  co  ONVO   i-<OiOl04ON04>-<Or->. 


t-vVO  VO 
^   04  10 


X 


^OO  IH  COOO  ^  in  co  O  O\  Tf  ON^  ^O  O  co*O  OOMVO  t-t  04VO  T^-Mincoco  ONOO 
co  in  04  04  HH  \o  ON  cooo  m  04  ^.vo  txONOioo  cooi  ONTTOIVO  txvo  co  m  m  ^* 
P  o"  o"  Q"  i-T  toco"  ON  O^OO"  o"  t^  J?  of  vo"  I-H"  iooo"  IX  co  ON  of  vc" 
•)  ON  ONVO  co  >H  vo  ON  rfvO  O  coSI  OOOVOoO  O  OOO  01OQ  ^ 
N  CO  co  CO  HH  VO  O  co^O  ^"  coVO  ^  ON  IOOO  HH  TJ-  rf-  txvO  00  " 


M"        10  co  Of  Of  M 


co  CO  CO        i-t 


COC 

^10"   5 


^^ 


2d 
&x 

£H 
*E 


s 


.  Q  Tj-iOxoO  O  OOO  rtco>-H  tx 
^u5o\04  04  ON04wtxio^-ioiot-. 
|^**H  t-i04CO040^COt-ih-<oiTJ-Tl-04 


NOO  ^ooO  ON 
VO  iOCOi-i 


•  mvo  mvo  Q  coOO  ONOO  O  HH  ONm^Q  rn-o  04  covo  coo  m^conn  04VO  rftxON 
"^  CO  HH  IX  COC§  VO  CO  IOOO  CO  ON  txOO  5^  Ol  OlCOnn  04OtXQ  Ol^COOOOcOnH  O1^ 
g  VO  ONVO  lOVO  txtxtxxfCOCOOl  04  "204  coOl  cotxcoOVO  txM  Q  HH  0100  ONCOm 


i^a^^oTS^n^co^olHTR^ 

^n  <&         *    nT  HH                              in  CO  Of  04   H 

?00  M"2f  OOO  K  O  -^00  00  HH  HH  01  ^-oo 
;88  mOO  in  m  O  ixvo  ri  co  co  ^  ^  "~-vo 

CO  Tp  CO          HH"          HH"                 04"  in 

.« 

%\\\\^.\^\\\\\ 

a  :  •     :tf  :  : 

%              ~-T                           •    9*  ^  if  C 

404 


<a  ,  ..  ,•  N      00  oco       TJ-  ^t  u    04  04  tx  rt-00  tx  rj- 


04  ^'O  04  1-1  ON  *OVO  ON.  **+  f^  O  O  *x\O  O 
ft  -*«100  000  txOlvo  OMD  -3-  CO*  10  co  00 
vOoToiw  co  «  co  04  ^5  ft  ^  3-  04  w  0  >-< 


,~jof      10  t-Tcf  i_T  of  i-<~  co 

-^    ' 

^  •  §  00"  ON  10  p   04  to 

1^    " 

"••I  o  C^  ^O  C1^  to  to  ON  ON^O  O  so  *-O  ON  *o  ON  C^  to  cc 

-**£  ON  TT  lOOO  O  O  CS  iovp  ^O  co  tx  ON  Tj-OC  fO  tx  to 
§  Tt-  co  ON  CO  Tf  iOVO  tx  C^  C^  M  I-H  O^  ON  O^  ^/^  *> 
2S  \IQS  txvo*  00  ^™^  lOOO^ocf  vcT  cT  ON  ^^  *^  l*"AO  ON  ON  to 
O  rf  0^  ^Os  ^xT  »-i  o^  <^O  O\00  >-,  \S  ro  O\vO  ^  '^  ^  ^" 
<h.  •»,  *  **  *  ^  «s  ^  ^ 

-^   . 

^!  .§   rfOO  O   O  ^O  >H  txcoO  04VO  to  PO  ^  M   04O   ON 

^  2^  3>  2  «  2  ^  i?  H  ^  P1  M  5-  5-  2"  w  ^  H? 

^  H~.  M  I  M 

Ci,  o 

i 

H     ^^^SSSM^Sl^i^^^SS 

S   C5N  tx  ro  fO  txOO,  10®  0_  O^  O^  vo  O^  N  w  HH^  co  Tf 

^  T?  i-T  nT  o>o"  ioioo*%vofx^r^f^<^'~'S?vQ.S 
°  •^•ONrt'04  irjiOcOnH  IxtxON^coQ  MNO  ^NO 

\^  10  M"  w"  HH~  HH"  fO 

04    04VO    i-i    in   *-<    04   HH 

tx  04  NO  ^  10  CO  co  to 

w  :      :  :  ::::::::::;  :.«  : 

I :  ilrfi : ;  i  i  i§.g : :  ill 

*  oT     S  «.S  if  Ji  •   *   .     -e—c^-sx 

Sgg-^o||    :||f|||^a 

<S  §>|"ouQ  g  a-f  E'&l  ,.|  &.§"«  g 

Z5^ui;r!43    .    .  i>!ii-'-><U"H>-^>~^'~^t-^|-c  —.'^ji 


405 


VO 


<£  ,  a    ,    ..  ,•  ON  04          04   t^  VO  00  00   04          04   04   04 

'  1.-:^  -:  -r.i  .-:.!.-:  4^^^^^  ^  co  qvd  o"  oi  o  o  o  o  ON  M  4M' 


gg 

2^ 

<  fe 
5-  O 
in  £_, 

II 


o  s 


XXJ  |XXXXXXXXX 


OO   O 


S  04   co  c^  C^VO  10  >o  C^  l"x  01  O  O\VO   i-"  f^»-i  roO\i-iVOvO  04VOCO  Q  coQ   >-i  txVO 

O  O   ONfOLoroi^r^t>O^  CSOO  O\  Ol  vo  •^t'VO  10  ON  Tf  O\  O  t-x  ro  ONVO  tx^O   O\  O\  ON 

txvQ   i-i   M        vOONfOONt^OOlTt-  ^j-vo  OOHHiOMTj-04^004  xo*O  00  tx  O   Tt-  CO 


VO 


00  ON 
i-H    04 


MH     (*" N  ^     <? 

v->  CL   ^ 

8r,ft| 

H  Mtn^ojxoHHiooiVOOltO^f-ONMOOl  voOO  OO  t^MVOOOvO   QVO  IX  ON  ON  tx 

•*<C  co  ON  COOO  tx  co  'T  O  toOO  tx  M  ONVO  ON  TT  Tf  to  co  04  txVO  tocoONON^Ol  MIO 
§;  ^tOO  O  covo  xf  ^  t^  ON  M  H-I  covo  ON  Tf  co  ONOO  lOCOtoOlOlMOOOlVOixO 
S  od  ON  COOO'  ON  of  O"  of  vo"~  to  co  to  M"  tovo"  K  to  of  't  fx  ^vo"  ^F  ON  *$OO  Q~CQ  O  O\ 
OONQMT^-OltoMQ  Q>OO  COONO\O  ^Oivo  c^  i-nVO  'TOQ  O  VO  to  to^O  co  rj-vo 
PHf;l  S'-'VOONOl  toONMOOioONMCO04OtoONT)-MTtM\OM  tovo  00  O  O  M  CO 

<§£  ^^^^  ^  tOtOCOMCOMtOM  Of    CO  ^  iSTrf  M     COM     MM 

m  a  2   ^'3tS^8<8»i*84»Ri?R-^^s«4j«ftag;^4^s 

Q    M" '  V^OcotOMTj-\ovOiOto^TtcO'^t'tMO4Tj'COCocOTi"COCocoC'4^i'04010404 

5  o  r? 


<  <  w 

O  >  Q 
^  ^  < 

^s^ 

IS 


T  cov5   5  rf  CO  C0o5   ON  ONVO  00  ^h  O  00   co  KOO  00   M'  M'OO  VO   M   O  \&  ONVO  M  lo 
5^  04^  04   CO  CO  CO  ON  rt  COOO  to  co  O   co  ON  t^  01^00^  ^t^^O   M^Q  t>Ol   01^  to  tovo 

?  t-T  Q  1/5  O*NVO~  "^f  M  Q"  M*~ocT  co  Q  t>^.  o\  ^F  M"  o\co  i-T  i-T  i>!  to  co  c<r\o^vo^  tx  to  o^  co 

~  VO  VO  OO  04  ^VO  VO  OO  ^vO  TfONCO-'t'^t'ONO   O   co^fO  tx  M   ONOO  TJ-  ro  co  ONOO 
g  to  co  M   04         t>»00   O^O^t^rcooivOtocoO  ^tM   Tj-^ftoOl   -rf-to  tovo   ON  co  ON 


CO         MM          0404          M 


.*•   tx  O   COOO   ONM 
^-^-0^00    04tOt^ONi_i 
M    O    04  VO    M    Tj- 


'^j-coOl   M  l^rfQ   coQNCOCO't04   O  lOcoiO 
M   IOM   t-iOOiOM    coOO   M   co 
Tt~04   04   COiOfococococo 


04   O  lOcoiOQ 

VO   't  O  VO   ON  ON 
Ol   O4   COO4   04    M 


*  £-< 

H  o 
w 


5n   ~ 

wo 

tC    ^H 


•   04   Q   01   co  covo  O   ON  CO  M   01  tovo   O   01   M   M   cocOMVOioOrx'<t'«t  tovo  VO  to 
tSOOOO   M   1-1  t^coCOTj-txONto^.  cocoONCOO   OIVO   O   O  ONCOtoOl   txOO  VO  co  co 

^  ^i,vo  co  o  ""too  ^  tooo  co  covc^  t^cooi  t^oi  r^t^M  cocotoo\coM  04  r-v  tovo 

S    CO  M"  i_o  to  04^  O^  Of  \O^  04*^to-rfofc<frfi-rtvCtvCTt;cOM^rf  O\VO^VO^  CO  O\  O~  O*^  M"  of 

2  04  ^t-  o  co  T}-  ^r  ^i"oo  oo  oivovo  oivo  ONVOOOO  o  Mr^Tj-ONt-xMoo  M  01  oivo 

~  co  01  to  01         toOC  \O   ON  04   M   ONVO  coiOCOfxtOM   -^-OioO   04  lOcotxON  TJ"00 


of  HH"  co 


co  M  M        10 


co        M"  M"        i-T 


406 

vo      vo  ^j-  co  TJ-      vovooo 


\xxxxx 


VO-^I-M  o 
r^vooo  v> 

WOO   O>W( 


to*-"  01*0  MVO  foqo 
r^oo  to  o  d  tx  c^  o 

Tj-c<7i^rxO  txvovo 


O 
fo 


.  XN^QO  vo  co  ^  ONOO  04  ON  vo  Q  tx  co  Tt*vO  ON  vo  co  04 
2  "£  of  ^  ON  w~  T?  vo  vovo"  t-T  O  00$  t-T  t-Too"  vo  vo  ON 
X]  l~l  M 

I 

^ 

|" 

"g   ON  TT  O4   co  co  TJ-VO  vo  04   HH   Tf  CO  Tj-  w  voOO   M  M   co 

O  t-T  ON  of  ON  of  Q"  cooo"  M"\O"  tx  rf  vo  ONOO"  O~  vo  t-H'vo" 
5cooOOO\OOOOvo'-ivotxO>-|04VO|-1  vovo  VO 
It  O  Tf  OO  coO\cotxO\04  vo"-!  txVO  VO  Q^  ON  co  co  04 

•^      • 

l"0 

^        nJ  tx  co  voOO  P  ON  covo  vo  ON  O  ^OO  Q  ON  vo  co  vo  co 

j^   O  co  04  OO  04  IN*  tx  KH   ^"  vo  co  i—*  co  O  vovo   O  VO  VO 

^  co  O  r^  T^  04  04  O  ON  ^r  co  04  ON  rxVO  tx  tx  O  vo  vo 
c^  i_T  of  Tf  ON  covo"  of  ON  VOOO"  O"  vo  co  of  06  txOO~  ON  fvf 

s;   ON  M  00  rxOO  -^-  O  O  P  04  txCO  OO  T)-  tx  i-H   covo  co 

^   ON  CO  tx  COOO  I-H   tx  ON  04  vo  ^  VO  vovo   ON  rj-  co  CO  04 

^  Of  M"         M" 

«:;:::::::::::::::;: 

tf>     -"*•"!-*'   nf    I   nf    !!.'!'   o     '. 


^  rt     •         •     -    -'a,    ^  w- C         5     •         •     •  efu     • 

Z2«$'%    :ll-tl  el  «-t.«    Jl  -- 


ASSESSMENT  OF  GENERAL 
PROPERTY. 


407 


409 


ASSESSMENT  OF  GENERAL  PROPERTY. 


Charles  Hansel,  Expert  in  Charge, 

Revaluation  of  Railroads  and  Canals, 
State  of  New  Jersey, 
Elisabeth,  N.  J. 

DEAR  SIR — Complying'  with  your  instruction  I  herewith  trans- 
mit a  statement  of  my  observations  of  the  conditions  attendant 
upon  the  assessment  of  general  property  throughout  the  State, 
and  append  a  tabulated  statement  of  the  rates  of  compensation 
paid  to  Assessors,  together  with  information  concerning  maps 
and  records  furnished  Assessors. 

One  of  the  problems  encountered  in  the  reappraisal  of  the 
railroad  and  canal  property  in  New  Jersey  was  the  ascertain- 
ment of  the  true  value  of  the  land  owned  and  used  by  tnese 
corporations  in  the  State,  and  in  order  to  make  this  appraisal  as 
nearly  accurate  as  possible,  information  concerning  the  lands  of 
the  railroad  and  canal  companies  and  the  land  adjoining  was 
gathered  from  every  available  source,  one  of  which  was  the  col- 
lection of  the  assessed  valuation  of  the  adjoining  land  from  the 
assessors  of  the  various  taxing  districts.  This  information  was 
supplied  by  most  of  the  assessors  and  the  County  Tax  Boards  at 
much  pains,  and  without  any  cost  to  the  State. 

It  was  only  natural  that  in  gathering  and  collating  the  informa- 
tion obtained  from  the  assessors  and  County  Tax  Boards  that  a 
general  familiarity  with  the  taxing  methods  of  the  State  and  the 
conditions  under  which  assessments  are  made  should  be  had,  and 
I  deem,  it  my  duty  to<  lay  before  the  Governor  and  the  Board,  the 
results  of  this  investigation,  if  such  it  may  be  called,  to  the  end 
that  the  defects  discovered  may  be  remedied  and  the  taxing  sys- 
tem of  the  State  be  placed  on  a  more  stable  and  equitable  basis. 
The  comment  that  follows  is  the  result  of  many  visits  to  and 
conferences  with  each  of  the  twenty-one  (21)  County  Tax 
Boards  in  New  Jersey,  personal  interviews  with  assessors  and 
discussions  with  many  taxpayers,  both  large  and  small. 


410 

What  we  are  pleased  to  call  a  tax  system  consists  of  a  collection 
of  ambiguous  laws,  the  enforcement  of  which  is  placed  with 
Boards,  which  really  have  no  power  to  enforce  them,  and  one 
cf  the  things  that  appeals  strongly  to  those  persons  interested  in 
taxation  in  this  State  is  the  fact  that  no  attempt  has  been  made 
by  Legislatures  in  recent  years  to  remedy  this  condition.  On  the 
contrary  each  year  sees  the  enactment  of  new  tax  laws  which 
serve  to  make  more  complex  than  ever  the  general  scheme  of 
taxation.  No  effort  is  made  to  better  the  conditions  of  the  man 
who  does  the  actual  work  of  assessment;  no  effort  is  made  to 
have  him  properly  compensated  for  his  work  and,  except  in  rare 
cases  nothing  has  been  done  to  supply  him  with  facilities  to  carry 
on  his  work  in  compliance  with  the  law,  which  says  that  all 
property  shall  be  taxed  at  its  true  value  under  uniform  rules. 

It  is  no  wonder,  then  that  complaint  is  general  throughout  the 
State,  that  much  unequality  and  discrimination  exists.  It  is  evi- 
dent to  all  persons  who  have  observed  the  working  of  our  tax 
laws  that  injustice  in  the  form  of  inequitable  assessment  does 
exist  in  the  taxation  of  both  real  and  personal  property,  the  result 
of  which  is  an  unequal  and  unjust  distribution  of  the  burdens 
of  taxation.  In  some  taxing  districts  property  is  assessed  at 
nearly  its  true  value — in  some  instances  it  is  claimed  at  more  than 
its  true  value.  In  other  districts  under-assessment  is  general,  the 
percentage  of  assessed  valuation  in  some  cases  going  as  low  as 
twenty  (20%)  per  cent,  of  its  true  value.  In  some  instances 
this  under-assessment  is  intentional,  and  results  in  the  taxpayers 
of  these  particular  districts  paying  less  than  their  fair  proportion 
of  the  State  School  and  County  Tax.  I  have  no  doubt  that  in 
some  of  the  taxing  districts  of  the  State  where  there  is  under- 
valuation that  the  assessors  are  honestly  endeavoring  to  comply 
with  the  law,  and  in  those  cases  this  under-valuation  may  be 
accounted  for,  mostly  by  error  of  judgment  and  the  fear  of  over- 
valuation ;  but  this  is  the  exception,  not  the  rule. 

It  is  not  fair  to  charge  the  responsibility  for  this  under-assess- 
ment to  the  assessors  themselves,  but  rather  the  responsibility 
should  be  placed  on  the  efforts  of  the  individuals  to  secure  lower 
assessments  on  their  respective  properties  notwithstanding  the 


provisions  of  the  law.  This  effort  on  the  part  of  the  individual 
is  responsible  in  a  large  degree  for  the  inequality  that  now 
exists.  In  theory  every  person  shall  contribute  to  the  support  of 
the  Government  in  the  way  of  taxes  in  proportion  to  the  value 
of  the  property  owned  by  him  which  is  subject  to  taxation, 
consequently  the  existence  of  inequality  means  that  individual 
owners  are  made  to  bear  their  unequal  proportion  of  the  tax 
burden.  In  some  taxing  districts  of  the  State  this  inequality  is 
greater  than  in  others,  depending  upon  the  extent  to  which  the 
assessor  allows  local  conditions  to  affect  his  judgment  in  making 
assessments.  The  average  taxpayer  is  perfectly  willing  to  pay 
his  fair  proportion  O'f  taxes,  but  he  objects  strongly,  and  justly, 
too,  when  he  finds  his  neighbor  paying  a  lesser  proportion  than 
he. 

The  value  of  properties  for  the  purpose  of  assessment  or  any 
other  purpose  can  be  determined  by  only  one  standard  of  value 
and  that  is  the  one  prescribed  by  statute ;  any  other  standard  Is 
a  violation  of  law.  The  only  way  in  which  the  persistent  efforts 
of  individual  taxpayers  to  secure  a  low  assessment  on  their  prop- 
erty for  the  purpose  of  taxation  can  be  remedied  is  by  the  removal 
of  the  most  important  question  of  taxation,  so  far  as  possible, 
from  the  field  of  politics,  proper  compensation  for  the  assessors, 
and  by  a  fixed  determination  on  the  part  of  the  assessors  to  per- 
form their  duties  strictly  in  accordance  with  the  provisions  of  the 
law,  under  the  guidance  of  a  County  Board,  which  should  have 
complete  control  of  the  assessors  in  fact,  not  in  theory,  as  is  now 
the  case  with  the  present  County  Tax  Boards. 

One  of  the  special  causes  for  this  inequality  and  discrimina- 
tion is  the  elective  assessor.  Another  is  the  poor  compensation 
given  to  assessors.  Still  another  is  the  poor  facilities  afforded 
to  the  assesor  for  doing  his  work.  A  general  comparison  be- 
tween work  of  the  appointive  and  the  elective  assessor  speedily 
convinces  me  that  the  former  method  of  choosing  assessors  is  far 
preferable,  so  far  as  results  are  concerned.  It  is  a  fact  well 
known  to  many  of  the  elective  assessors  in  this  State  that  at  times 
preceding  their  election  individual  taxpayers  have  come  to  them 
and  told  them  they  would  not  get  their  votes  because  the  assessor 
had  raised  their  assessment  to  what  he  considered  true  value  of 


4I2 

the  property.  The  individual  did  not  dispute  the  assessor's 
judgment,  so  far  as  the  value  was  concerned,  but  it  was  simply  a 
case  of  endeavoring  by  threats  to  evade  his  full  share  of 
responsibility  in  the  common  burden  of  taxation. 

At  least  one  County  Tax  Board'  will  bear  me  out  when  I  say 
that  more  than  one  elective  assessor  has  publicly  asserted  that 
if  they  attempted  to  assess  property  in  their  districts  at  anything 
like  a  fair  proportion  of  its  value  they  could  not  be  re-elected. 
In  all  fairness,  however,  the  elective  assessor  should  not  be 
charged  with  any  sympathy  for  this  condition,  except  in  occa- 
sional cases.  Most  of  those  assessors  with  whom  I  have  talked 
had  no  hesitancy  in  saying  that  they  preferred  to  be  appointed 
under  a  sort  of  civil  service,  so  that  if  they  performed  their 
duty  faithfully  and  conscientiously  they  would  not  be  turned 
out  of  office.  But  it  is  not  fair  to  the  taxpayers  in  other  parts 
of  the  State  that  such  conditions  should  exist. 

Many  examples  of  the  way  in  which  the  law  is  not  carried  out 
by  assessors,  and  of  inequality  as  they  now  exist  have  been 
brought  to  my  attention,  but  they  were  so  numerous  that  it  is 
unnecessary  to  quote  all  of  them.  In  one  of  the  counties  in  the 
northern  end  of  the  State,  for  instance,  a  lawyer  who  had  just 
passed  title  to  a  piece  of  property  called  my  attention  to  the 
fact  that  the  consideration  named  in  the  deed,  which  was  for  an 
eight  (8  acre  farm,  called  for  a  payment  of  $3,200,  or  at  the 
rate  of  $400  per  acre.  In  examining  the  tax  bill  for  this  prop- 
erty for  the  last  year  he  found  that  it  was  assessed;  for  $600,  or 
at  the  rate  of  $75  per  acre. 

In  another  county  in  the  southern  end  of  the  state  my  atten- 
tion was  called  to  a  case  of  an  owner  of  a  duck  farm  who  had 
more  than  2,000  of  these  birds  there,  in  addition  to  about  25 
incubators  and  a  good  bit  of  ground.  It  happened  that  some 
dogs  got  into  his  place  and  killed  off  600  of  the  ducks,  so  the 
Town  Council  got  together  and  awarded  hilm  $471,  for  the  loss  of 
the  ducks,  which  they  made  up  by  placing  an  additional  tax  upon 
the  owners  of  dogs  in  the  township..  After  paying  this  money 
the  Council  thought  they  would  look  up  the  man's  assessment 
and  found  that  he  was  being  assessed  on  only  $700  worth  of 
property,  both  real  and  personal.  Of  course  this  did  not  strike 


413 

the  Council  very  favorably,  they  had  just  paid  him  $471  and  he 
still  had  over  1,500  ducks,  his  incubators  and  his  land  left,  so 
they  went  to  the  County  Tax  Board  and  asked  that  his  assessment 
be  increased. 

When!  the  owner  of  the  farm  appeared  before  the  County  Tax 
Board  he  said  the  assessor  had  not  been  near  him  for  two  years, 
and  that  of  course  he  was  not  going-  to  look  for  the  assessor. 
The  County  Tax  Board  increased  his  assessment  to  $2,000,  be- 
cause the  Town  Council  thought  that  would  be  fair,  although  it 
was  still  less  than  the  true  value  of  the  property. 

In  still  another  South  Jersey  County  where  the  Tax  Board  is 
active,  the  valuations  of  the  assessors  of  one  of  the  Townships 
was  raised  about  $150,000  by  the  Board.  Soon  after  a  friend 
of  the  assessor  -called  qn  the  President  of  the  Board  and  asked 
that  this  increase  be  taken  off,  saying  that  the  assessor  was 
running  for  re-election  that  fall  and  that  the  increase  would 
probably  have  a  bad  effect. 

The  President  refused  to  do  it;  two  days  afterward  he  was 
visited  by  another  friend  of  the  assessor  who  again  asked  that 
the  increase  be  taken  off.  The  President  then  told  this  other 
friend  of  the  assessor  that  the  reason  he  was  so  anxious  to  see 
the  assessments  put  back  to  the  old  figures  was  that  the  assessor 
was  running  for  re-election.  This  second  friend  of  the  assessor 
answered  by  saying  that  that  condition  did  not  figure  as  the 
assessor  has  been  nominated  on  both  tickets  and  had  no  oppo- 
sition, so  pleased  were  the  residents  of  his  community  with  his 
work.  No  argument  had  been  made  that  the  increases  ordered 
by  the  Tax  Board  were  unfair,  it  was  simply  a  case  of  the  tax- 
payers of  a  district  with  the  aid  of  their  assessor  tryinig  to  shirk 
their  fair  share  of  the  burden  of  taxation. 

In  one  of  the  rural  counties  in  the  Northern  part  of  the  State 
an  assessor  was  elected  a  year  ago  and  when  the  time  came  for 
turning  in  his  ratables  to  the  County  Tax  Board  he  brought  in 
his  books  without  a  line  written  in  them.  Taken  to  task  by  the 
Tax  Board  he  said  he  knew  nothing  about  taxation  and  that  he 
needed  a  little  money  and  some  of  his  friends  nominated  and 
elected  him.  By  dividing  his  salary  with  another  man  who  was 
supposed  to  know  something  about  values  in  this  Township,  and 


414 

with  the  aid  of  the  County  Collector  and  the  Secretary  of  the 
County  Tax  Board  an  assessment  for  this  Township  was  fixed  up 
for  last  year.  What  will  happen  this  year  is  problematical. 

One  assessor  was  perfectly  frank  in  telling  me  that  he  pur- 
posely kept  down  valuations  in  his  taxing  district  because  the 
residents  demanded  it.  He  pointed  out  that  there  was  a  large 
amount  of  railroad  property  in  his  district  and  that  the  taxpayers 
felt  that  they  were  being  unjustly  treated  when  this  railroad 
property  was  assessed  by  the  State  a!rid  only  a  part  of  it  returned 
to  their  municipality.  They  felt  that  so  long  as  they  had  so 
much  railroad  property  located  there,  they  should  have  the  full 
benefits  accruing  from  its  taxation,  and,  not  getting  it,  they 
insisted  that  their  assessor,  who  was  an  elective  one,  keep  down 
their  valuations  as  low  as  possible,  so  they  could  even  up  things 
by  paying  less  than  their  fair  proportion  of  the  County  Tax  and 
the  State  School  Tax. 

In  still  another  county  in  the  northern  part  of  the  State  I 
found  some  good  shore  front  property  lumped  together  with 
some  interior  land  and  assessed  as  a  whole  for  a  little  more  than 
$200  an  acre.  The  interior  land  was  worth  not  less  than  $600 
an  acre,  while  the  exterior  land  could  not  be  bought  for  less 
than  $1,000  an  acre.  This  condition  I  understand  has  been 
remedied  to  a  certain  extent  since  I  called  the  attention  of  the 
County  Tax  Board  to  it. 

I  have  been  told  that  in  a  City  in  the  North  end  of  the  State 
valuations  of  all  property  were  raised  to  pretty  near  true  value, 
the  object  being  to  make  the  city  appear  exceedingly  prosperous 
and  therefore  attract  manufacturers.  This  high  assessment 
lasted  only  one  ( i )  year,  for  when  the  people  went  to  pay  their 
taxes  they  found  that  their  share  of  the  County  Tax  and  the 
State  School  Tax  was  so  largely  out  of  proportion  to  that  paid 
by  the  other  municipalities  in  their  County,  that  the  following 
year  a  return  was  made  to  the  old  system. 

Dozens  of  cases  of  a  similar  nature  as  the  above  have  been 
brought  to  my  attention,  but  I  have  only  quoted  a  few  so  as 
not  to  weary  the  reader. 

On  the  other  hand  I  found  that,  as  a  rule,  assessors  in  first 
and  second  class  cities,  who  are  appointed — except  in  the  city  of 


Elizabeth — endeavor  to  carry  out  the  provisions  of  the  law  re- 
garding the  assessment  of.  property  at  its  true  value.  In  fact 
complaint  has  been  made  that  they  are  too  zealous  in  carrying 
out  the  provisions  of  the  law.  In  some  instances  they  have 
assessed  property  at  more  than  its  true  value.  In  the  city  of 
Elizabeth  there  are  twelve  (12)  assessors,  one  (i)  for  each 
ward,  the  result  of  which  is  twelve  (12)  different  methods  of 
assessment.  All  are  elected,  and  those  taxpayers  of  the  city 
with  whom  I  have  talked  and  whose  opinion  I  consider  weighty 
enough  to  listen  to,  told  me  that  there  was  much  dissatisfaction 
and  that  the  City  would  be  much  better  off  with  a  smaller  Board 
appointed  by  the  Mayor. 

Another  interesting  feature  of  our  taxing  methods  is  the 
assessment  and  collection  of  taxes  on  personal  property,  also 
the  poll  tax.  It  doesn't  seem  quite  fair  that  workmen  in  the 
city  of  Plainfield,  receiving  probably  $15  or  $18  a  week,  should 
be  compelled  to  pay  taxes  on  $100  worth  O'f  his  household  goods 
and  also  pay  a  poll  tax,  while  his  wealthier  neighbor  in  other 
parts  of  the  State  escape  not  only  the  payment  of  anything  like 
their  fair  proportion  Oif  personal  tax,  but  also  pay  no  poll  tax 
as  well. 

The  city  of  Newark  has  a  taxing  system  which  is  worthy  of 
emulation  by  every  other  city  in  the  State.  I  am  told  that  the 
Tax  Board  of  New  York  City  has  practically  adopted  the  system 
in  use  in  the  City  of  Newark.  It  consists  of  a  Board  of  Five  ( 5 ) 
Commissio-ners  of  Assessment  which  has  twenty-five  (25)  field 
men  and  clerks  under  its  supervision.  This  department  devotes 
its  entire  time  to  the  assessment  of  property  in  the  city  of 
Newark.  Just  as  soon  as  the  assessment  for  one  year  has  been 
completed,  men  start  out  on  the  work  of  the  following  year's 
assessment. 

In  Newark  the  unit  rule  is  adhered  to  strictly,  that  is,  a  depth 
of  100  feet  is  taken  for  the  front  foot  valuations  o>f  an  entire 
block.  Anyi  plots  less  than  TOO  feet  itii  depth  are  assessed  on  a 
fixed  percentage  of  the  unit.  Those  plots  which  run  more  than 
loo  feet  in  depth  are  of  course  assessed  on  the  unit  with  the 
extra  depth  added  to  it.  Property  in  Newark  is  divided  into 
two  sections,  the  business  section  and  the  residential  section, 


4i6 

and  the  unit  values  in  these  sections  vary  considerably.  In  the 
business  section  the  first  25  feet  of  a  lot  the  Board  holds  is  the 
most  valuable  part  of  the  lots,  so  it  is  therefore  assessed  at  50% 
of  the  value  of  the  unit,  that  is,  the  depth  of  100  feet. 

In  the  residential  section  the  reverse  is  the  case,  for  the  first 
25  feet  in  this  section  contains,  according  to  the  Board,  only 
14%  oi  the  value  of  the  100  ft.  lot.  Complete  records  of  every- 
thing that  is  helpful  in  arriving  at  true  value  are  kept  by  the 
Newark  Tax  Board.  In  a  nutshell  the  taxing  system  of  Newark 
is  based  on  a  scientific  method  of  assessment  and  so  successful 
has  it  been  that  appeals  are  exceptionally  few.  One  of  the  things 
in  connection  with  the  Newark  Tax  Board  that  struck  me  rather 
forcibly  was  the  fact  that  every  City  Employee  is  compelled  to 
pay  on  a  personal  tax  of  $100  a  year.  This  assessment  is  made 
on  the  theory  that  as  the  City  furnished  their  income,  it  is  only 
fair  that  they  should  contribute  a  small  amount  to  the  cost  of 
running  the  City  Government. 

In  Trenton  the  unit  system  is  also  used  to  good  advantage. 
In  Atlantic  City  the  same  system  is  used,  but  no  City  in  the  State 
has  a  more  comprehensive  or  up-to-date  system  than  the  City 
of  Newark. 

The  State  Board  for  the  Equalization  of  Taxes  in  their  report 
for  the  year  1910  discuss  the  elective  assessor  in  the  following 
manner :  "Among  the  problems  of  taxation  none  is  more  diffi- 
cult and  at  the  same  time  more  essential  than  the  problem  of 
securing  an  assessment  of  property  under  general  laws  and  by 
uniform  rules,  according  to  its  true  value.  The  State  Constitu- 
tion and  the  general  tax  act  require  such  an  assessment.  The 
Courts  of  New  Jersey  have  settled  beyond  all  question  that  true 
value,  within  the  meaning  of  the  Constitution,  is  market  value 
or  exchangeable  value  in  cash.  The  duty  of  the  assessing  officer, 
therefore,  is  plain  and  mandatory.  The  difficulty  arises  in  per- 
forming the  duty.  That  the  duty  is  not  always  efficiently  per- 
formed is  due  sometimes  to  the  difficulty  in  determining  the  true 
value  of  the  property  to  be  assessed,  but  more  often  to  the 
inherent  defects  in  the  machinery  of  assessment.  The  serious 
defect  is  that  it  requires,  in  most  taxing  districts,  that  the 
assessors  shall  be  elected. 


The  theory  upon  which  this  plan  is  based  may  be  highly 
attractive,  but  it  does  not  stand  the  test  of  practical  operation. 
Many  elective  assessors  are  intelligent  men  who  try  conscien- 
tiously to  perform  the  duty  imposed  upon  them.  The  trouble,  as 
a  rule,  is  not  with  the  men  but  with  the  system.  The  system 
makes  it  very  difficult  to  obtain  assessors  who  will  be  unbiased 
judges  of  property  values,  who  will  be  impervious  to  local 
influences,  who  will  not  be  affected  by  political  consideration  and 
whose  sole  aim1  will  be  to  secure  an  assessment  of  all  property 
within  their  jurisdiction  at  its  true  value.  The  tenure  of  the 
assessor  in  many  cases  is  made  to  depend  not  upon  a  faithiul 
discharge  of  his  duty  under  the  law,  but  upon  the  extent  to  which 
he  is"  willing  to  disregard  the  law. 

He  is  bound  to  feel  that  his  own  interests  and  the  interests  of 
his  constituency  are  best  served  by  low  assessments,  rather  than 
assessment  at  true  value.  His  judgment  as  to  value  is  in- 
evitably influenced  by  local,  political,  personal  and  business  con- 
siderations, and  yet  in  no  other  position  of  public  trust  is  there 
a  more  imperative  need  for  absolute  independence  and  scrupulous 
fidelity  to  the  plain  dictates  of  the  law,  than  in  that  of  the 
Assessor." 

The  other  cause  which  has  so  much  to  do  with  inequality  of 
our  system  of  taxation  is  the  compensation,  or  rather  the  lack 
of  compensation,  of  the  assessor.  The  laborer  is  worthy  of  his 
hire.  Is  it  any  wonder  then  that  complaints  of  inequalities  of 
assessment  are  general  when  we  find  the  average  salary  of  the 
rural  assessor  around  $50  or  $60  per  year  ? 

In  one  taxing  district  of  the  State,  the  Borough  of  Rivervale 
in  Bergen  County,  the  assessor  receives  the  sum  of  One  ($1.00) 
dollar  a  year,  but  there  is  a  reason  for  this  small  salary,  as  the 
Borough  is  so  heavily  in  debt  that  none  of  the  officials  accept  any 
salary  except  the  nominal  sum  of  $i  a  year.  It  does  not  seem 
quite  fair  to  this  assessor  to  ask  him  to  do  his  work  for  nothing, 
and  it  does  not  seem  quite  fair  toi  the  taxpayers  of  the  rest  of  the 
State  either. 

In  another  of  the  taxing  districts  of  New  Jersey,  that  of  the 
Borough  of  Wood  Lynne,  in  Camden  County,  the  assessor  re- 

27  E  s 


ceives  the  munificent  sum  of  $10  per  year  for  assessing"  approxi- 
mately $280,000  worth  of  property.  It  does  not  speak  well  of 
the  residents  of  Wood  Lynne  Bo-rough  that  they  consider  so  im- 
portant an  office  as  that  of  assessor  worth  only  $10  per  year. 

In  the  rural  sections  of  the  State,  the  assessor  is  compelled  to 
do  his  work  without  the  aid  of  a  map.  Any  assessment  made 
without  this  necessary  instrument  is  at  best,  guesswork.  Short- 
sightedness on  the  part  of  the  governing  body  and  taxpayers  of 
the  rural  communities  is  responsible,  not  alone  for  the  poor  com- 
pensation of  the  assessors,  but  for  the  lack  of  a  map,  although  in 
some  instances  other  reasons  than  alleged  economy  is  the  motive. 
I  have  been  told  that  in  some  communities  which  have  recently 
supplied  their  assessors  with  maps,  that  the  assessment  on  the 
amount  of  property  which  had  heretofore  escaped  taxation  was 
so  great  as  to  more  than  pay  for  the  cost  of  the  maps. 

The  elective  assessor,  however,  is  not  the  only  one  who  is  not 
properly  compensated  for  the  work  that  he  does.  In  some  of 
the  Cities  the  pay  given  the  assessors  is  entirely  inadequate  for 
the  amount  of  work  that  they  are  called  upon  to  perform.  In 
Paterson,  Atlantic  City,  Trenton  and  Camden  the  compensation 
paid  the  assessors  is  entirely  too  small  for  the  amount  of  work 
that  those  officials  perform  each  year. 

The  taxing  system  o-f  New  Jersey — we  will  call  it  such  for  the 
purpose  of  convenience — is  composed  of  the  assessors,  that  is, 
the  men  in  the  field  who  do  the  actual  work  of  assessment;  the 
County  Tax  Board,  of  three  (3)  members  each,  and  the  State 
Board  for  the  Equalization  of  Taxes.  This  organization  is  sup- 
posed to  have  complete  control  of  the  assessment  of  all  real  and 
personal  property  in  the  State  with  the  exception  of  first  and 
second  class  railroad  property,  the  franchise  of  Public  Service. 
Corporations  and  the  franchise  tax  imposed  on  miscellaneous 
corporations  chartered  under  our  law  which  are  assessed  by  a 
special  Board,  known  as  the  State  Board  of  Assessors,  which 
performs  no-  other  duty. 

Under  the  present  laws  of  New  Jersey  the  tax  assessor  of 
New  Jersey  is  a  law  unto  himself.  In  some  parts  of  the  State 
he  is  elected,  in  other  parts  appointed,  and  he  cannot  be  removed 
for  incompetence  or  any  violation  of  the  law  unless  it  shall  have 


419 

been  proved  that  he  violated  the  law  wilfully  and  intentionally 
and  then  .can  only  be  removed  after  a  hearing  before  the  State 
Board.  It  does  not  matter  how  incompetent  the  assessor  may  be, 
how  unequal  his  assessments  may  be  or  how  ignorant  as  to  the 
duties  of  his  office,  no  way  can  be  found  to  remove  him  or  even 
discipline  him.  The  only  power  that  either  the  County  Tax 
Board  or  the  State  Board  for  the  Equalization  of  Taxes  has  is 
to  make  a  new  assessment,  which  mostly  entails  an  extra  burden 
in  the  community,  and  even  after  this  new  assessment  has  been 
made  the  assessor  the  following  year  can  revert  to  his  old  figures 
and  the  Board  cannot  remove  him. 

Not  long  ago-  the  State  Board  for  the  Equalization  of  taxes 
had  an  assessor  from  one  of  the  North  Jersey  Counties  before  it 
on  charges  of  incompetency  and  ignorance.  The  trial  con- 
vinced the  Board  that  this  assessor  was  unfit  to  hold  office,  but 
it  could  not  remove  him,  because  it  had  not  been  shown  that 
the  assessor  had  neglected  his  work  wilfully  and  intentionally. 

Another  example  of  the  lack  of  power  of  the  State  Tax  Board 
was  shown  not  long  ago.  The  State  Board  issued  an  order 
saying  that  all  land,  excepting  farm  land,  should  be  separated 
from  the  improvements  thereon  for  the  purpose  of  assessment. 
Thus  far  not  more  than  six  (6)  out  of  the  twenty-one  (21) 
Counties  in  the  State  have  complied  with  this  rule,  and  in  fact 
I  have  been  told  that  there  is  one  County  where  the  old  method 
of  assessing  land  and  buildings  together  is  carried  out  in  every 
district.  As  a.  result  of  this  lack  of  authority  on  the  part  of  the 
State  Tax  Board  and  the  County  Tax  Board  the  various  elective 
assessors  do  pretty  near  what  they  please  because  they  know 
that  they  are  immune  from  removal. 

Of  course  the  law  creating  County  Tax  Boards  gives  these 
Boards  control  of  the  assessors  as  far  as  the  enforcement  of  the 
law  is  concerned,  but  this  is  a  paradox,  as  no  method  is  provided 
in  the  law  for  the  enforcement  of  this  control.  No  way  is 
provided  by  which  the  County  Tax  Board  can  discipline  or 
remove  incompetent  assessors  and  the  result  has  been  that  in 
many  cases  County  Tax  Boards  have  been  unjustly  criticised 
for  not  carrying  out  the  provisions  of  the  tax  laws,  when  their 
power  to  do  so  has  been  extremely  limited. 


420 

If  the  various  County  Tax  Boards  were  given  real  power 
over  the  assessors,  that  is,  if  they  had  the  appointment  and 
removal  of  assessors,  this  condition  would  not  exist,  and  no 
reason  would  remain  for  the  law  regarding  taxation  not  being 
carried  out  in  every  part  of  the  State. 

The  State  Tax  Board,  too,  is  operating  under  a  very  ambig- 
uous law.  It  has  no  power  to  take  the  initiative  so  far  as  the 
investigation  of  unequal  taxation  is  concerned,  for  their  act 
provides  that  they  shall  only  on  complaint  enter  into  an  investiga- 
tion of  this  character.  As  the  Board  is  now  constituted  it  is  prac- 
tically a  Tax  Court.  It  seems  reasonable  to  suggest  that  its 
power  should  be  enlarged  so  that  its  members  may  on  their  own 
initiative  investigate  taxing  conditions  throughout  the  State 
and  apply  the  remedies;  then  the  Board  could  be  held  to  strict 
accountability  for  the  carrying  out  of  the  tax  laws  of  the  State. 

The  following  tables,  containing  information  supplied  to  us 
by  the  various  County  Tax  Boards  of  the  State,  show  the  com- 
pensation of  the  assessors,  the  amount  of  their  ratables.  the  per 
cent,  the  salaries  are  of  the  ratables,  the  manner  in  which  they 
are  selected  and  whether  or  not  they  have  maps. 

Respectfully  Submitted, 

W.  F.  KEOHAN, 

Special  Assistant. 


421 


ATLANTIC  COUNTY. 


How 
Taxing  District.  Chosen. 

Atlantic  City,   App. 

Ventor         "     Elected 

Hammonton    Town,    " 


Pleasantville  Bor.,    

Egg  Harbor  City,    " 

Hamilton  Township,   " 

Longport  Borough, " 

Galloway  Township,    . . '. " 

Egg  Harbor     "  " 

Somers  Point,   " 

Buena  Vista  Twp.,  " 

Northfield  City,  " 

Absecon         "      " 

Mullica  Township,   " 

Linwood  Borough,   " 

Brigantine  City, " 

Weymouth  Township,  " 

Port  Republic  City,   

Folsom  Borough,    

The  following  districts  have  maps 
Egg  Harbor  City  and  Hammonton. 


19  10  Net 
Valuation. 

Salary  of 
Assessor. 

%of 

Ratables. 

$64,375,621 

3-$  i,  200  ea. 

.0056 

3,733,757 
1,877,707     | 

Soo 
i-     200 
2-       75  ea. 

.0134 
.056 

1,226,605 

600 

.049 

852,246 

275 

.032 

842,362 

400 

•0475 

826,915 

125 

.0125 

786,058 

550 

.070  . 

751,978 

450 

.060 

564,109 

2-     TOO  ea. 

•0355 

524,825 

300 

•057 

368,197 

2-       75  ea. 

.0407 

345,799 

2-       60  ea. 

.0348 

294,322 

175 

•0595 

287,830 

75 

.0261 

284,840 

2-       75  ea. 

.052 

215,668 

200 

.093 

95,280 

2-       25  ea. 

.052. 

56,665 

25 

.044 

Atlantic  City, 

Ventor,  Margate  City, 

422 


BERGEN  COUNTY. 


How 

Taxing  District.  Chosen. 

New  Barbadoes  Twp Elected 

Englewood   City,    " 

Ridgewood  Twp.,   " 

Rutherford   Bor.,    " 

Edgewater        "       " 

Overpeck  Township,    " 

Fort  Lee  Borough,  " 

Union  Township,    " 

Garfield  Borough,  " 

Cliffside  Park  Bor.,   

East  Rutherford   Bor 

Tenafly  "       

Lodi    "  "       " 

Hasbrouck  Heights  Bor.,  " 

Leonia    Borough,    " 

Saddle  River  Township, 

Westwood  Borough,    " 

Teaneck  Township,    

Fairview  Borough,  

Delford  

Carlstadt         "  

Franklin  Township,   

Midland  

Ridgefield   Borough,    

Hohokus   Township,    

Palisades  Park  Bor.,   

Bogota  Borough,    

Park  Ridge  Borough,  " 

Bergenfield  " 

Dumont  

Closter  "          " 

Maywood  "          " 

Little  Ferry   Bor.,    

Hillsdale   Township,    . .' " 

(ilen  Rock  Borough,    

Englewood  Cliffs  Bor.,   

Midland  Park  Bor.,  

Palisades  Township,    

Haworth    Borough,   " 

Wallington        "          •.       " 

Woodridge        "          " 

Riverside " 

Ramsey  " 

Demarest  " 


1910  Net 

Salary  of 

%.of 

Valuation. 

Assessor. 

Ratables. 

$11,817,166 

$1,800 

.0152 

10,029,974 

4-  200  ea. 

.0079 

6,482,877 

1,000 

.0154 

6,128,290 

800 

.0131 

5,400,083 

600 

.0111 

3,364,521 

550 

.0164 

2,900,740 

500 

.0172 

2,777,445 

800 

.0289 

2,692,709 

500 

.0186 

2,490,725 

250 

.0102 

2,281,587 

2,273,150 

300 

.0132 

2,000,000 

400 

.020 

1,802,360 

250 

.0139 

1,767,820 

150 

.0085 

1,603,291 

400 

.0250 

1,596,327 

200 

.OI25 

1,581,368 

400 

•0253 

1,518,111 

150 

.0099 

1,447,684 

200 

.0138 

1,368,567 

300 

.0220 

1,329,206 

250 

.0188 

i,3io,535 

325 

.0248 

1,309,029 

150 

.0115 

1,263,239 

300 

.0238 

1,205,100 

200 

.0166 

1,189,341 

300 

.0252 

1,098,375 

150 

.0136 

1,075,525 

200 

.0186 

973,H9 

225 

.0232 

907,616 

200 

.0220 

860,675 

200 

.0232 

829,925 

2OO 

.0242 

795,58i 

IOO 

.0126 

763,591 

IOO 

.0131 

737,345 

IOO 

•0135 

705,219 

125 

.0177 

704,632 

20O 

.0284 

.723,105 

75 

.0104 

684,075 

200 

.0292 

683,312 

40 

.0058 

662,663 

125 

.0189 

645,260 

125 

.0194 

638,319 

75 

.0117 

BERGEN  COUNTY— Continued. 


Hozv 
Taxing  District.  Chosen. 

Alpine  Borough Elected 

North  Arlington   Bor.,    " 

Ho-Ho-Kus    Borough,    " 

Oakland  

Cresskill  "          ,..:;.'  " 

Emerson  

Norwood    Borough,   " 

Allendale  .' " 

Woodcliff  Lake  Bor.,   " 

Rivervale  Township " 

Harrington    Park   Bor.,    " 

Saddle  River   Borough,    " 

Orvil  Township,    

Montvale    Borough,   

Moonachie         "          " 

Harrington  Township,    

Upper  Saddle  River  Bor.,   ...  " 

Washington  Township,   

Old  Tappan  Bor.,  

Lodi  Township,  " 


19/0  Net 

Salary  of 

%of 

Valuation. 

Assessor. 

Ratables, 

$589,505 

125 

.0212 

585,325 

100 

.0171 

574431 

50 

.0087 

553,352 

100 

.0181 

539,179 

150 

.0278 

517,475 

150 

.0290 

510,081 

75 

.0147 

509,897 

75 

.0147 

•  476,506 

TOO 

.0210 

437,314 

I 

.00022 

384,008 

75 

.0195 

377,100 

75 

.0199 

373,8n 

50 

.0134 

364,861 

100 

.0274 

267,454 

75 

.0281 

262,936 

IOO 

.0380 

228,450 

222,575 

50 

.0225 

207,950 

60 

.0289 

112,714 

The  following  districts  have  maps :  Ridgewood  Township,  Teaneck  Town- 
ship, Union  Township,  Washington  Township,  Garlstadt  Borough,  Cliffside 
Park  Borough,  Closter  Borough,  Demarest  Borough,  East  Rutherford  Bor- 
ough, Edgewater  Borough,  Englewood  Cliffs  Borough,  Garfield  Borough, 
Hasbrouck  Heights  Borough,  Leonia  Borough,  Lodi  Borough,  Midland  Park 
Borough,  Palisades  Park  Borough,  Ridgefield  Borough,  Rutherford  Borough 
and  Westwood  Borough. 


424 


BURLINGTON  COUNTY. 


How 
Taxing  District.  Chosen. 

Chester,    Elected 

Burlington    City,    

Northampton,     " 

Riverton,    

Riverside,    " 

Florence,    " 

Palmyra,    " 

Bordentown    City,    " 

Beverly  Township,  " 

Medford,    " 

Springfield,    " 

Mount  Laurel,  " 

Southampton,    " 

Mansfield,    " 

Chesterfield,    " 

Lumberton,    

Pemberton  Township,  " 

Evesham,  

Burlington    Township,    " 

Beverly  City,    

Cinnaminson,    " 

North   Hanover,    

New   Hanover,    " 

Pemberton  Borough,    " 

Delran,    

Westhampton,    " 

Willingboro,   •  " 

Easthampton,    " 

Bordentown  Township,    " 

Bass  River,  " 

Tabernacle,   " 

Washington,    " 

Woodland,  " 

Shamong,   " 

Fieldsboro,    " 


1910  Net 

Salary  of 

%of 

Valuation. 

Assessor. 

Ratables. 

$3,536,622 

$500  oo 

.01418 

3,357,969 

550  oo 

.01640 

2,393,990 

600  oo 

.0251 

1,579,597 

150  oo 

.0095 

,534,845 

300  oo 

.0195 

,437,999 

300  oo 

.0208 

,235,104 

300  oo 

.0242 

,227,736 

108  25 

.00885 

,103,183 

100  OO 

.00905 

,010,362 

300  oo 

.0296 

908,582 

150  oo 

.0165 

887,266 

20O  OO 

.0226 

881,928 

2OO  OO 

.0227 

866,404 

150  oo 

•01/3 

854,841 

IOO  00 

.01170 

787,602 

20O  OO 

.0254 

746,282 

150  oo 

.0201 

737,268 

150  oo 

.0204 

698,684 

125  oo 

.0179 

674,410 

IOO  00 

.0148 

532,934 

150  oo 

.0281 

498,955 

75  oo 

.0151 

491,184 

75  oo 

•0153 

392,150 

50  oo 

.01275 

352,483 

75  oo 

.0212 

337,626 

60  oo 

.0178 

289,152 

75  oo 

.0200 

280,818 

79  oo 

.0281 

279,350 

60  oo 

.02150 

262,011 

60  oo 

.O229 

I97,6i5 

IOO  OO 

.0506 

191,613 

IOO  OO 

.0522 

169,977 

50  oo 

.0294 

165,374 

75  oo 

•0453 

105,609 

30  oo 

.0284 

The  assessors  have  no  maps  nor  has  the  county  a  map. 


425 


CAMDEN  COUNTY. 


How 
Taxing  District.  Chosen. 

Camden  City,   App. 

Gloucester  City,    Elected 

Collingswood  Bor.,  

Haddonfield  Bor., , " 

Merchantville  Bor.,   " 

Pensauken  Township,   

Clementon  Township,   

Centre  Township,  

Haddon  Heights,    

Delaware  1  ownship,   

Gloucester  Township,   " 

Winslow  Township,  " 

Haddon  Township, " 

Audobon  Borough,  " 

Voorhees  Township,   " 

Berlin  Township,    " 

Oaklyn  Borough, " 

Water  ford  Township, 

Wood  Lynne  Borough,  " 

Chesilhurst  Borough, 


jpio  Net 

Salary  of 

%of 

Valuation. 

Assessor. 

Ratable*. 

$51,136,294 

5-$  i,  500  each. 

.01465 

3,653,850 

900 

.0246 

3,337,797 

350 

.0104 

3,u5,ioo 

450 

.0144 

1,877,209 

400 

•0213 

1,837,375 

700 

.0381 

i,3i7,39i 

400 

.0303 

1,191,352 

400 

.0336 

1,130,796 

75 

.0066 

1,095,135 

400 

•0365 

902,485 

200 

.0222 

895,625 

300 

.0334 

839,613 

200 

.0238 

792,096 

100 

.0119 

529,320 

504,050 

2OO 

.0398 

400,275 

365,515 

125 

.0342 

238,650 

10 

.0042 

54,96i 

60 

.0109 

ucMiuuiisi  jDuruugu, 54,yoi  .(Jioy 

The  assessors  do  not  have  maps.    There  is  an  atlas  published  of  Camden 
and  vicinity. 


426 


CAPE   MAY   COUNTY. 


Taxing  District. 
Cape  May  City 

How         7909  Net 

CJioscn.      Valuation. 
Elected   *    $^  8^  6.11 

Salary  of 

Assessor. 

$coo 

%of 
Rat  able  s. 
008=; 

Ocean  City               

"                5  200  QIQ 

{I-      480 

0196 

No.  Wildwood  Borough,   .  .  , 
Holly  Beach  Borough     .... 

2,228,277 

2  OI9  427 

(  I"      540 
275 
IOO 

.0123 
0148 

Wildwood  Borough,  

"                      1  ,982,029 

2OO 

OIOI 

Sea  Isle  City         

"                      1,326,111 

j  I-      IOO 

017 

Lower  Township,   

"                      1  .249,958 

(  I"      125 
20O 

016 

"Middle   Township 

I.2OO  ^42 

•27C 

O7I2 

Wildwood  Crest,       

"                      1,059,679 

20O 

Ol88 

Upper  Township 

586,418 

2OO 

QT.AI 

Dennis  Township    

"                         563,/42 

250 

•044 

Avalon   Borough 

"                       471  IO5 

125 

0265 

Woodbine  Borough  

460,898 

I5O 

.0326 

West  Cape  May  Borough,  . 
Cape  May  Point  Borough, 
So.  Cape  May  Borough,    .  . 

340,826 
247,130 
54o65 

300 
IOO 
IOO 

.0088 
.0405 
.0183 

The  cities  and  boroughs  have  maps,  but  the  townships  have  none,  neither 
is  there  a  county  map. 


427 


CUMBERLAND   COUNTY. 


How 
Taxing,   District.  Chosen. 

Bridgeton,     App. 

Millville  City, Elected 


Vineland  Borough,   

Landis  Township,  

Deerfield  Township, 

Hopewell  Township,    

Lawrence  Township, 
Maurice  River  Township, 
Commercial  Township,   . . 

Fairfield    Township,     

Greenwich  Township,  . . . 
Stow  Creek  Township,  .  . 
Downe  Township, 


iQioNet 

Salary  of 

%of 

Valuatioti. 

Assessor. 

Rat  able  s, 

$6,963,701 

3-  $300  each. 

.0129 

5,474,864 

4  Assessors 

I5c.  per  name. 

2,623,727 

5oo 

.019 

i,9i8,434 

450 

.0234 

1,075,392 

300 

.028 

1,030,991 

150 

•0145 

800,510 

200 

.025 

759,379 

300 

.0306 

743,764 

300 

.0403 

569,733 

I2c.  per  name. 

54i,9H 

125 

.0231 

481,106 

no 

.0228 

480,700 

165 

•0343 

.L/UWIIC     JL  UVVllMllp, 40U,/UU  lU^)  -UJ4J 

The  borough  of  Vineland  is  the  only  municipality  in  this  county  that  has 
a  map. 


428 


ESSEX   COUNTY. 


How 
Taxing  District.  Chosen. 

Newark,   App. 

East  Orange,    

Montclair,    

Orange,    

Bloomfield,    

South  Orange  Village,   

West  Orange,   I  Elected  ) 

2   App.    J 

Irvington,    2  App. 

Belleville,  Elected 

Gleri  Ridge, " 

So.  Orange  Township,    

Nutley,   " 

Milburn,  " 

Caldwell  Borough,   " 

Verona,    " 

Essex  Fells,   " 

Livingston,    " 

Cedar  Grove, 

Caldwell   Township,    

West  Caldwell, " 

Roseland,  

North  Caldwell, " 


jp/o  Net 

Salary  of 

Valuation. 

Assessor. 

$344,821,700 

$2,500 

47,784,424 

1,300 

35,546,695  • 

(  2-   1,000 

[  Sec.  1,800 

20,025,416 

800 

10,176,994 

500 

9,044,031 

500 

8,970,472 

f2-  700 
(  Sec.  800 

(  2-   200 

7,917,523 

1  Sec.  600 

6,219,093 

1,000 

5,825,552 

600 

4,657,073 

800 

4,583,570 

750 

3,997,845 

500 

1,743,930 

250 

1,512,340 

250 

806,338 

150 

607,630 

200 

586,229 

250 

4i8,455 

100 

410,700 

IOO 

301,600 

75 

285,800 

40 

%'of 

Ratable*. 

•0134 
.0165 
.0245 

.0120 
.0147 
•0055 
.0245 

.0126 

.0161 
.0103 
.0172 
.0164 
.0125 

•0143 
.0165 
.0186 
.0298 
.0043 
.0239 
.0244 
.0249 
.0151 


Newark,  in  addition  to  the  five  assessors,  has  twenty-five  assistant  assessors, 
whose  salaries  range  from  $1,200  to  $1,500.  The  cost  of  the  Newark  Tax 
Board  is  averaged  at  5oc.  an  assessment. 

The  county  has  no  official  map,  but  an  atlas  published  by  A.  H.  Mueller,  of 
Philadelphia,  same  being  now  five  years  old. 

The  following  districts  have  maps:  Newark,  Orange,  East  Orange,  West 
Orange,  Montclair,  Bloomfield,  Irvington,  Nutley,  Belleville,  South  Orange 
Township,  South  Orange  Village,  Caldwell  Borough,  Verona,  Cedar  Grove, 
and  Glen  Ridge. 


429 


GLOUCESTER   COUNTY. 

How 
Taxing  District.  Chosen. 

Woodbury  City,    Elected 

Pitman.  Borough,    " 

Glassboro  Township,   " 

West  Deptford  Township,  ... 

Monroe  Township,  

Harrison   Township,    " 

Paulsboro  Borough,   " 

Deptford  Township, " 

Clayton  Borough,   " 

Swedesboro  Borough,  " 

Manuta  Township,   " 

Logan  Township, " 

Franklin  Township,   " 

Woolwich  Township, " 

Greenwich  Township,    " 

East  Greenwich  Township,  . .  " 

Washington  Township, " 

Wenonah  Borough,    " 

So.  Harrison  Township,    ....  " 

Elk  Township,    

National  Park  Borough,    " 

Boroughs  have  maps  and  there  is   an  atlas  published  of  Woodbury  and 
vicinity. 


1910  Net 

Salary  of 

%of 

Valuation. 

Assessor. 

Ratables. 

$3,421,630 

3-  $150  each. 

.013 

1,470,525 

350 

.0238 

1,257,750 

300 

.0239 

1,174,950 

300 

•0255 

,i57,58i 

300 

.0260 

,152,234 

300 

.0260 

,142,900 

200 

•0175 

,131,100 

2OO 

.0177 

,036,375 

175 

.0169 

963,427 

125 

.0130 

889,850 

250 

.0282 

820,375 

200 

.0244 

814,770 

300 

.0368 

785,358 

140 

.0178 

769,294 

175 

.0228 

766,750 

ISO 

.0196 

719,800 

200 

.0278 

637,667 

IOO 

•0157 

595,241 

175 

.0294 

424,478 

125 

.0295 

231,038 

IOO 

•0433 

430 


HUDSON    COUNTY. 

How 
Taxing  District.  Chosen. 

Jersey   City,    App. 

Hoboken,   

Bayonne,    " 

West  Hoboken 2     App. 

i  Elected 

Kearny,    App. 

W eehawken,   Elected 

Union  Town,    App. 

West  New  York,   

North  Bergen,  Elected 

Harrison,   App. 

East  Newark  Borough,    Elected 

Secaucus  Borough,  " 

Guttenberg,   App. 

Jersey  City — All  necessary  clerical  help  supplied. 
North   Bergen — Assessor  pays  clerk  if  used. 
Secaucus — Assessor  employs  clerks. 

West  Hoboken — Elective  is  clerk  of  board.     Assessor  employs  clerks. 
Union  Town — Assessors  pay  assistants. 
Weehawken — Assessor  employs  clerk. 

Guttenberg — Has  one  assistant  to  serve  all  year;  appointed  by  mayor  and 
council  at  $200. 

Kearny — One  assessor  acts  as  clerk;  $300  extra. 
Harrison — Assessor  does  work  himself;  no  clerks. 
East  Newark — Assessor  does  work  himself ;  no  clerks. 


IQIO  Xct 

Salary  of 

%of 

Inclination. 

Assessor. 

Ratable  s. 

$241,560,768 

3-  $2,500  each. 

.0031 

67,678,933 

5-     1,200  each. 

.0088 

46,531,618 

i,  800 

.0038 

23,101,313 

f  i-  1,200 
(  2-     900  each. 

.0129 

17.752,430 

3-     500  each. 

.0084 

15.716,095 

1,200 

.0076 

13,215,061 

500 

.0113 

I  if  983.  596 

1,200 

.01 

10,510,140 

1,000 

.0095 

10,496,733 

900 

.0086 

3,356,463 

300 

.0089 

3,122,229 

300 

.0096 

2,905,440 

300 

.0103 

43i 


HUNTERDON    COUNTY. 


Taxing  District. 


Ho  iv 
Chosen. 


1910  Net 
Valuation. 


Salary  of 
Assessor. 


%of 
Rat  ables. 


i- $109  71 

Lambertville,    Elected  $2,331,421  \  i-    11674  .0164 

.   -    155  87 

Flemington   Borough,    1,745,483  20000  .0114 

Readington  Township,    1,382,369  310  oo  .0224 

Holland  Township, 1,299,689  165  oo  .0127 

Clinton, 1,257,637  300  oo  .0239 

Delaware,    "  1,119,795  37500  .0335 

Raritan,    "  1,108,254  360  oo  .0325 

Hampton  Borough,    "  1,105,329  100  oo  .0091 

Tweksbury   Township,    1,015,836  150  oo  .0148 

East  Amwell  Township,  "  929,629  186  oo  .0200 

High  Bridge  Borough,   898,846  100  oo  .OUT 

Lebanon  Township,   855,256  205  oo  .0237 

Franklin  Township,  "  809,794  175  oo  .0216 

Kingwood, 779,i68  21500  .0276 

Alexandria  Township, "  666,834  150  oo  .0225 

Union  Township, 646,222  145  oo  .0224 

Clinton  Town,   634,706  no  oo  -0173 

Frenchtown  Borough,   "  579,i8o  no  oo  .0190 

Bethlehem, "  554,251  147  50  .0266 

West  Amwell  Township,  474,090  130  oo  .0274 

Bloomsbury  Borough, "  357,7i8  35  oo  .0098 

There  are  no  official  maps  of  either  separate  taxing  districts  or  county  map. 


432 


MERCER  COUNTY. 


How 
Taxing  District.  Chosen. 

Trenton  City,  App. 

Hamilton  Township, Elected 

Princton  Borough, " 

Hopewell  Township, 

Pi  incton  Township,  

Lawrence  Township,   

Ewing  Township,    App. 

Hightstown  Borough,    Elected 

West  Windsor  Township,   . . . 

Washington  Township, " 

Hopewell  Borough, 

East  Windsor  Township, 

Pennington  Borough, 


19  jo  Net 

Salary  of 

%of 

Valuation. 

Assessor. 

Ratable*. 

$68,543,071 

4-  $1,400  each. 

.0082 

4,552,250 

550 

.0121 

4,355,878 

250 

.0057 

1,926,040 

350 

.0182 

1,894,153 

200 

.0105 

1,454,550 

400 

.0275 

1,407,157 

150 

.0107 

1,080,175 

125 

.0115 

987,659 

125 

.0127 

673,163 

639,912 

100 

.0156 

626,690 

120 

.0191 

502,230 

50 

.OIO 

Trenton  City  and  Princeton  Borough  have  maps. 


433 


MIDDLESEX   COUNTY. 


Plow 

79/0  Net 

Salary  of 

%of 

'l\i.ving    District.                       Chosen. 

Valuation. 

Assessor. 

Ratable*. 

Perth  Ambov  Citv  App. 

$16,001,948 

3-  $500  each. 

.0088 

New  Brunswick  

11,916,824 

3-    500  each. 

.0126 

Woodbridge  Township  Elected 

4,015,997 

900 

.0224 

Piscataway  Township,  

3,852,475 

600 

-0155 

Roosevelt  Borough,  " 

3,224,087 

000 

.0186 

South  Ambov  Citv,  App. 

2,989,230 

4-     loo  each. 

•0133 

Sayreville  Township,  Elected 

1,780,758 

350 

.019 

Metuchen  Borough  

1,587,195 

150 

.0094 

Raritan  Township,    " 

1,483,721 

500 

•0337 

South  River  Borough,  

1,469,066 

250 

.017 

South  Brunswick  Township,   . 

1,379,722 

300 

.0217 

Highland  Park  Borough,  

1,346,044 

100 

.0074 

Madison  Township  

1,121,026 

225 

.02 

Cranburv  Township,    

1,028,151 

240 

.0233 

Milltown  Borough,  

917,448 

100 

.OI09 

Monroe  Township,  

882,700 

300 

•034 

1  )nnellen  Borough,  

881,214 

150 

.OI7O 

East  Brunswick  Township,   .  . 

732,335 

300 

.041 

Helmetta   Borough,    

714,058 

75 

.0105 

North  Brunswick  Twp.,    " 

666,256 

I2c.  per  name. 

Jamesburg  Borough,    

620,007 

140 

.0225 

Spotswcod  Borough  

278,234 

50 

.018 

The  following  districts  have  maps :  New  Brunswick,  Perth  Ambov,  South 

Ami  oy  and  Woodbridge. 


28  E  S 


434 


MONMOUTH    COUNTY 


How         1910  Xct 

Salary  of 

%of 

Taxing    .nisirict. 

Chosen.      Valuation. 

.  Isscssor. 

Ratable*. 

Long  Branch  City,   

..    App.        $14,047,179 

3-  $550  each. 

Asbury  Park  City,  

.Elected        11,145,130 

600  each. 

Neptune  Township  

.  .       "               6,018,226 

850 

.0141 

Deal  Borough,   

5,253,765 

Red  Bank  Borough,  

4,996,408 

800 

.0160 

Rumson  Borough,  

4.1/4,343 

400 

.00958 

Middletown  Township,   

4,015.307 

Freehold  Township,  

3,900,935 

700 

.0179 

Belmar  Borough,  

3,108,615 

200 

.006 

Ocean  Township,    

2,710,679 

300 

.OHO 

Spring  Lake  Borough,    

2,586,419 

300 

.01T6 

Shrewsbury  Township,   

2,511,448 

600 

.0239 

Allenhurst  Borough,    

2,505,917 

200 

.008 

Atlantic  Highlands  Bor  

1,961,702 

200 

Bradley  Beach  Borough, 

1,799,160 

250 

.OI39 

Sea  Bright  Borough,  

1,683.670 

250 

.0148 

Keyport,     

1,577,124 

500 

.0317 

Wall   Township,    

1.559.097 

525 

•0337 

Upper  Freehold  Township,   . 

i.43-|,5«;o 

300 

.0209 

West  Long  Branch  Bor.,  .  .  . 

1.253-743 

250 

.OIOT) 

Eatontown  Township,   

1,247,084 

2OO 

.Ol6o 

Monmouth  Beach  Borough,  . 

1,233,494 

200 

Avon  Borough  

1,124,416 

Marlboro  Township,  

1,120,347 

225 

.O2O 

Howell  Township,  

1,049,993 

350 

•0333 

Holmdel  Township,   

1,038,878 

300 

.0289 

Atlantic  Township,  

928.993 

200 

.0215 

Manalapan  Township  

914,820 

225 

.0246 

Millstone  Township,    

869,8-0 

220 

•0253 

Matawan  Borough,  

859,472 

250 

.0291 

Manasquan  Borough,  

800,703 

Highlands   Borough,    

651,202 

'-'5 

.0190 

Raritan  Township,   

639,418 

200 

.0312 

Matawan  Township,  

584,049 

200 

.0342 

Allentown  Borough,  

390,832 

80 

.0204 

Neptune  City  Borough,  

342,125 

TOO 

.0292 

Englishtown   Borough,    

266,281 

45 

.0169 

Farmingdale  Borough,    

.       "                   161,323 

40 

.0248 

The  following  districts  have  maps :  Long  Branch.  Asbury   Park  and  Key- 
port.     The  county  has  no  map. 


435 


MORRIS    COUNTY. 

How 
Ta.riug   District.  Chosen. 

Morristown  Town,   App. 

Morris  Township,  Elected 

Dover  Town,    App. 

Madison  Borough,    Elected 

Hanover  Township,   " 

Boonton  Town,    App. 

Rockaway  Township, Elected 

Roxbury  Township,   

Passaic  Township 

Florham  Park  Borough, 

Chatham  Borough " 

Butler  Borough,    '' 

Washington  Township,   

Wharton  Borough,  " 

Pequannock  Township,   

Rockaway  Borough, "    • 

Mendham  Borough,    

Jefferson  Township,  

Randolph  Township,    

Montville  Township,    " 

Chester  Township " 

Mt.  Olive  Township,   

Chatham  Township,   " 

Mendham  Township,  

Mt.  Arlington  Borough,   

Xetcong,     " 

Boonton  Township,    

The  assessors  do  not  have  maps,  nor  has  the  county  a  map. 

There  is  an  atlas  published  containing  maps  of  Morristown,  Florham  Park, 
Chatham.  Mendham,  and  Madison  Boroughs,  and  parts  of  Townships  of  Chat- 
ham, Hanover.  Mendham  and  Passaic. 


igioNct 

Salary  of 

%of 

Valuation. 

Assessor. 

Ratable  s. 

$11,132,248 

$000 

.008 

4,117,915 

500 

.0121 

3,874,895 

500 

.0129 

3,797,568 

700 

.0184 

3,188,093 

500 

•0157 

2,603,945 

500 

.0192 

1,523,286 

500 

.0330 

1,156,745 

300 

.026 

1,406,895 

300 

.0213 

1,406,132 

150 

.0107 

1,276,227 

200 

•0157 

1,058,478 

250 

.0236 

988,653 

300 

.0304 

960,784 

200 

.0208 

922,197 

300 

•0325 

834,364 

550 

.066 

812,257 

100 

.0123 

792,232 

200 

.0252 

790,245 

200 

•0253 

725,079 

275 

•0379 

695,206 

155 

.0223 

624,709 

175 

.0280 

618,360 

150 

.0243 

595,120 

120 

.0201 

542.015 

200 

.0368 

402,809 

75 

.0186 

204,909 

60 

.0208 

436 


OCEAN    COUNTY. 

How  ig  10  Xct            Salary  of  %  of 

Ta.ritig  District.  Chosen.      Valuation.          .-Issrssor.        Ratablcs. 

Lakewood,     Elected     "$6,098,841  $600  .010 

Dover,     "  1,570,662  480  .0305 

Point  Pleasant "  1,396,5/8 

Brick  Township,   "  840,144 

Bay  Head  Borough,  "  717,885  500  .069 

Plumstead,     "  580,881  160  .0275 

Sea  Side  Park "  553,455  150  .0271 

Berkeley,    507,400 

Manchester,    "  500,064  175  .0350 

Beach  Haven  Borough 4/6-445  5O  .0105 

Tuckerton,     "  426.346  100  .023 

Jackson,   "  417.760  175  .04-2 

Long  Beach,   "  4*  1,645  J5O  .0364 

Island  Heights  Borough "  405,250  150  .037 

Union, "  398,004  125  .0314 

Stafford,  "  •     301,402  130  .0431 

Lacey,  "  276,867  75  -027 

Eagleswood,    "  166,965  65  .0389 

Ocean,     "  I5T-354  5o  .033 

Lavellette  Borough,   "  H9,935  100  .083 

Little  Egg  Harbor,  H5,9io 

Surf  City,    79,36i  75  -O945 

Barnegat  City,   "  77,356 

Harvey  Cedars,   "  56,810  50  .088 


437 


PASSAIC  COUNTY. 


Taxing    District. 

Paterson,    

Passaic 

Acquackanonk  Township,  . 

Little  Falls  Township, 

Wayne  Township, 

Pompton  Township, 

West  Milfbrd  Township,  .  . 

Totowa  Borough,   

Hawthorne  Borough,  

Haledon  Borough, 

Pompton  Lakes  Borough,  . 
Prospect  Park  Borough.  . . 
North  Haledon  Borough.  . 

The  following  taxing  districts  have  maps  of  recent  compilation:  Totowa 
Borough,  Pompton  Lakes  Borough,  Acquackanonk  Township  and  Hawthorne 
Borough. 


Ho  iv 

iQioNet 

Salary  of 

%of 

Clioscu, 

J  'alua-tion. 

Assessor. 

Ratables. 

App. 

$98,065,630 

5-  $1,500  each. 

.0076 

35.546,586 

5-     1,000  each. 

.0141 

" 

7,653,370 

1,000 

.013 

2,346,159 

300 

.0127 

.  . 

1,750,416 

500 

.0285 

1,636,341 

300 

.0183 

1,506,091 

300 

.0199 

1,480,420 

" 

1447,591 

1,257,960 

300 

.0238 

•• 

756,436 

125 

.0165 

•• 

739,870 

338,226 

SALEM    COUNTY. 


How 
District.  Chosen. 

East  Ward,  Salem,  Elected 

Pilesgrove,     " 

West  Ward,  Salem,   

Mannington,    

Upper  Pittsgrove,   

Woodstown  Borough,   " 

Upper  Penns  Neck, 

Pennsgrove  Borough,   

Alloway,    '' 

Lower  Alloway  Creek, 

Pittsgrove, 

Lower  Penns  Neck,  

Oldmans,    

Quinton, 

Elmer  Borough,  

Elsinboro,    


1  9  w  Xct 

Salary  of 

%of 

i'alitation. 

Assessor, 

Ratable*. 

$2,165,902 

$600 

.036 

1,624,775 

250 

.015 

1,483,090 

525 

•035 

1,273,122 

300 

.024 

1,255,733 

23S 

.018 

1,189,350 

i/5 

.015 

812,400 

150 

.019 

793,937 

130 

.016 

783,448 

200 

.026 

/64,i34 

IIO 

.014 

742,706 

300 

.040 

716,262 

M5 

.020 

693,707 

1  60 

.023 

683,538 

150 

.022 

577,475 

110 

.019 

312,561 

75 

.024 

The  assessors  do  not  have  maps,  nor  has  the  county  a  map. 


439 


SOMERSET  COUNTY. 


/few         1909  Net 

Salary  of 

Ta.rin^    I^slricf. 

Chosen.      Valuation. 

Assessor. 

Bernards,    

.  Elected        $5,096,491 

$600 

North  Plainfield  Borough,  .  . 

4,277,975 

600 

Somerville  Borough,    

3,876,602 

500 

Bridgewater  

2,954,102 

500 

J  lillsborough,    

2,314,248 

375 

Franklin,    

2,187,081 

250 

Bound  Brook  Borough,  

2,120,690 

350 

Bedminster  

1,852,000 

300 

.Montgomery  

950,483 

175 

Branchburg,    

839,643 

135 

So.  Bound  Brook  Borough,  . 

542,289 

100 

North  Plainfield,  

537,795 

150 

Warren,    

515,050 

125 

Rocky  Hill  Borough,  

240,277 

60 

Millstone  Borough,  

95,053 

20 

The  assessors  do  not  have 

maps,  nor  has  the  county 

a  map. 

%of 
Rat able s. 
.01177 
.0142 
.0128 
.0169 
.0162 
.0114 
.0165 
.01627 
.0184 
.01607 
.0184 
.0279 
.6242 
.0250 
.021 


440 


SUSSEX   COUNTY. 


Ta.rinx    District. 
Hardyston  Township, 

Newton  Town 

Wantage  Township,  

Sparta    Township,    

Vernon  Towrnship,    

Sussex  Borough,  

Frank  ford  Township 

Stanhope  Borough,  

Lafayette  Township 

Green  Township,    

Andover  Township 

Byram  Township,   

Stillwatcr  Township 

Hopatcong  Borough,    

Branchvillc  Borough 

Hampton  Township,    .... 

Sandy ston  Township 

Eredon  Township,    

Andover  Borough, 

Montague  Township,   .... 
Walpack  Township,   


How 

79/0  Xct 

Salary  of 

%  of 

Chosen. 

I  'alnation. 

.  Issi'ssor. 

ka'ahlcs. 

Elected 

$3.314,534 

$500 

.0151 

'• 

2,751.553 

400 

•0145 

" 

1.098,669 

300 

.0273 

920.684 

'75 

.0190 

<% 

862.844 

170 

•0107 

794-700 

65 

.0082 

678.871 

r  T5 

.0169 

441-678 

00 

.0136 

430,323 

70 

.0163 

403,848 

TOO 

.0248 

'• 

402.183 

50 

.0  1  24 

384-7"' 

75 

.0195 

360.220 

70 

.0194 

330.0  20 

50 

.0151 

329/,2l 

50 

.0152 

319,210 

50 

•0157 

302.825 

IOO 

.0332 

295*759 

50 

.0167 

-77.336 

40 

•0144 

262,400 

60 

.0228 

168,146 

60 

•0356 

The  assessors  do  not  have  maps,  nor  has  the  county  a  map. 


441 


UNION    COUNTY. 


How 

79/0  Xct 

Salary  of 

%of 

Ta.riitir   District. 

Cli<>  sen. 

J'aluation. 

.  Issessor. 

Ra  tables. 

Elizabeth  Citv  

Elected 

$55,036,902  90 

1  2-  $400  each. 

Plainlield  Citv  

.  .  .    App. 

24,222,130  oo 

4-   400  each. 

.0066 

Summit  Citv  

,  ,  .Elected 

9,865,660  oo 

2-   450  each. 

.0091 

Linden    Township  , 

Elected 

7.799-6/5  oo 

1,000 

.0128 

Westfield  Town,    

..2     App. 

7,027,820  GO 

3-   400  each. 

.0227 

i  elected 

400  clerk. 

Rahwav  Citv  

..3     App. 

6.569.972   42 

j  4-   400  each. 

•0358 

2  Elected 

1  i-    450  clerk. 

Cranford   Township,    

.  .  .  Elected 

5.305,525   00 

600 

.0113 

Rosclle   Borough,    

" 

3,020,040  oo 

250 

.00827 

Union   Township,    

2,933.650  85 

650 

.0222 

Roselle    Park  

" 

2,744,116  oo 

400 

.0146 

Fanwood  Township,   

.  .  . 

1,324,815  oo 

275 

.0208 

Garwood  Borough  

M 

1,185,417  oo 

ISO 

.0127 

Springfield    Township, 

1,027,067  oo 

200 

-0195 

Linden     Borough  

" 

998,075  oo 

350 

•035 

Clark    Township  

.  .  .  .                       759,161  oo  Commission  on 

ratables. 

Kenilworth    Borough,    .  . 

" 

756,235  oo 

125 

.0165 

New    Providence    Borough, 

516,160  oo 

TOO 

.0194 

Fanwood  Borough  

493-700  00 

60 

.0122 

Mountainside  Borough,    .  .  . 

479,500  oo 

75 

.0156 

New  Providence  Township, 

•• 

368,488  50 

oo 

.0244 

The  following  districts  have  maps:  Cranford.  Elizabeth,  Fanwood,  Garwood, 
Plainrield,  Rahwav,  Roselle  Borough,  Roselle  Park  and  Westfield.  The 
county  has  an  atlas. 


442 


WARREX  COUNTY. 

How  1910  Xct  Salary  of  %  of 

District.                       Cln'scn.  I'ahiation.  .Isscssor.         Ratables. 

Phillipsburg,  Elected  -$6,467,057  6-   $200  each.         .0185 

Pohatcong, "  2,014.773  300  .0149 

Washington  Borough.    "  1.862.084  300  .0161 

Hackettstown, "  1.679,880  150  .0089 

Belvidere, "  1.51 7-792  300  .0198 

Oxford,    "  1.350.441  300  .0222 

Franklin,    "  i  .312.517  120  .0091 

Washington  Township 992.267  150  .0151 

Blairstown,    "  926,671  150  .0162 

Knowlton,    "  788,752  150  .01905 

Mansfield "  746.08-'  175  .02342 

I  !(»])(• "  665.497  150  .0225 

Harmony "  650,117  1*5  .0284 

r.rcunvich "  642,833  130  .0211 

Frelinghuysen 5/0.564  100  .0174 

Allamuchy "  505,078  100  .0198 

Lopatcong 492,040  85  .01728 

Independence "  463-373  HO  .0238 

I  lardwick "  102.578  60  .0312 

Pahaqnarry, "  135-O37  40  .0296 

Xo  county  map.     Phillipsburg  only  has  a  map,  not  a  very  good  one. 


STATEMENT  OF  INTERLOCKING 

PLANTS  AND  SUMMARY  OF 

BLOCK  SIGNALING,  STATE 

OF  NEW  JERSEY. 


443 


445 


M          O  CO  DO  GC 
—  <  CM  ~t 


~  ^ 


o  b 

^s 

H  c/5 

t/;   c 

ta  £• 
^  -7, 

^   CA> 

*§ 

C/3 

S> 

5^2 
feg 

c  < 

SE 

^r,, 


X    OCG 


^    -fi-    OvO 


O. 

^ 

\00 


X     wfc  c/3     OH  c/i 


-rt    — 
OO      •   ON  O  ON 


•^•P  _^  g 


/i  c/:  H-»CO  P 


• 

UJ    T 


o   :   ;   :         j-  :      i  *.   :   : 

o    '    '    '    '    - 

•  •  o 

_^   •   •  c  >     ^              _- 

j_ 

tj         !      bfl       .'         "      O 

5       '55              •    qj 

"  n  "Si  r  ^  '^j     ' 

<U  •  qj 

^  '  4J"  >• 

^itq,          .  i  siiSbiis^iS'Siji-ii 


446 


o  '_n 

—  5 


H^-a 


c  x  —  -i-  ^i  c  c  *i  ?i  -to  oc 

'£  u-,  -  -i  -  n  ^  -   ~i   -i 


•^  .o    ::     >;::::   ^:  -  :   ^  ^  :-:b- 

.H  ^  £       _c         ^.      ^p~. 

-/       i    '2:  £1  v>    ^i.£i  c/:  x  X '  'X 

O  O  O  t^*  i^x  O^^O  ON  ON  r*i  r^  •  ON  u"*  to^O  O^ 

ON  Oi  ON  ON  ON  ^\  ON  ON  ON  ON^X)  OC  00  OC  O>  ON 

^  E  '    '•  c^  •     •  PQ  :  •  ^  : 

.  r;        .'  • •  ?  • 

.  J— I u....         .  px* 

•  •  •  •   c  •  •  •  •  r-  •    • 

:CH  :  :  :  :^  :  :  :  :  ^  :^  : 

:  :  :  :|o  ^O 

^  ^  :  *  '^-  o   --:u 

">     -'  C^         •  «y' 


,Ir 


5  •§"  1 

o 


ctE  =  c:^     "  ^  o 
,°  ,°  ,c  ,c   ,-       *"  ^ 


447 


0\CJN 


*s^s:| 


"-      ^       :  otofafe 


:aaa 


CC  VQ  O  Q 
O 
O\ 


08 


:   :>" 

'      •             •             •      •             

:     5   :« 

O      

^J      •      .      .      .            .      .      . 

.    . 

*  jj 

N 

M             : 

«6» 

'•    .     £  '     *.*''""•  id 

peSP4p-{w.<2 


^  t! 


C    4J          o^  ~^ 

S  S     "6^ 

4  w    o  ~£ 


•    •     ^  53^3     '£ 


— -      o  o 


•=    o  • 
>    ^    -s"g 


448 


ctive 
evers. 


r         '•  j.  i 

\'-    |«-§5     :      g| 


.-•-  -~    i^  c •  -f  o .  i>.  x.      \c  x 

i--~r-G    —    OC"^  - 

r^  2  i~    o.  o-.  0s.  ox  o. 

C5  P         %>       M     HH     I 1-  - 


^^/ 


^          '- 

?  t 


'O 


jjpj    . 

;  -  ^  ~     v-;  - 11 : 


x   : 

"o   : 


c^ 


»      Sx' 


O         -^J 

&  :* 


^  ->  X  [^  ^  -^  -j".      "^*O  xi      O  >^  ^  — *^"  !>  —  ^  t       >      ^H  X      >^  c^ 

*^»  *~>  -*      'S.  ^         .  <~ 


Z       . 

—  ~     ^cd 


^4    *  g: 


=  3:  o  o  ^  C  c 


o  p  <u 
o  o  o 


£H 


^      O 


449 


<* 


M  TJ-10    M 


TMO  M  M   <N  1000   T}-  10  01 

HI         CN  1-1   c<3  M  I-H   04 


rt   rt         a       .       0 

3K     ffi     ffiK 


<u  o  <u  >-i  hn 

r-    en  en   c/3  v.    v.  03  .;y 

5  h  h  St  ^"? 


29 


450 


ftj 


HH  H"4  01 


-to     oo 


•- 
11  sT  sis'  3 


y. 


a  <*» 

^  •§  .^ 


ONQ\O\O\O\      o\oo  CXD  oo  o\  o\ 


^  o\  c\  o\  CT\^ 


**••</) 

"  <%  1     "   ^  ~ 

.  ^   • 

:  :  :  :  :  :  :^  :  :«   r  : 

:   :   :   :   :&  ::::::::      :   :   : 

:   :  ••  :  '-*  •*  :  ^ 

:  :   :  :££  :^  ::::::      :  :   : 

:  ^  :  :  :oi  :^  :  .^> 

_j,  :  :  .'c/i^'  :,4  :  :  •  '•  '•   '•         '•   '• 

:  &  :      :c^  io^  :   -0^^ 

^    •         -H^^    irK    '                            ^    ' 

u-2 

:O    '•    :    :n    :  6    '    •h^°3 
vx-T   :    :\o    '0    -<^dc 

,  ^    ^    .    .         ..."      ^    .    . 
MH                 >-7-'O'oW--r--.       ^ 
^     r    r      55(3     '          *     *  <j     *     '     :       «4H     r    r 
C^.,9.        j«         >KJ     '   >O     '           •         0(V   0 

il 


g> 

.1  F 

-^        g<u 


o^-g^  c  5  J3  o  o  y 
"g  o  ^TJ^^'^  c«  c3  rj 
S  o3^rS3r=S;2.S  o 


- 


.  zl .  ~  o 

Ui     ^-     CJ 
^      S-      '-T; 

00^3 


I 


451 


^M 


tx  10  m  01  o  co  co 


.    o          p    • 

•+-,    <^>       <U        -    r-     r- 

°.s  13  £~ 
1^^^ 


U    0 


K 
M 


^  cS  oi  c/i  fa  PH  ^  ^c^  t/i 


J3  W  =       S 

O  ««e  > 

<U2  i<  O 

5  PH 


CO 


Date 
Put  in 
Service. 


Go's 
d. 


Railr 
Inte 


o  o 

^  Ox 


ON  ON  00  ON  ON  ON      OOOOONONONONONON 


W 


.0808 


* 


s8 


ao 


0 


sp 


C   isT    -    •  '4U 

&.  iif  i 

PQ     OP'S      ^ 


bo 

•a  I 


.tl=  »-s5« 


> 

3 


Draw, 
Junctio 


^   ,«« 

0        P4     . 

^p   ffi 


do 


000 


rt  .  e 

w  en  c«  2 

c/3  Crt  CO 

rt  rt  rt  r3 


Pavo 


452 


£  o 


•  S    ^  JX.  >-i   to  ON  IN.         nCMTf  •rJ-O    "3"  r*5  tx  01    "xf        VO   to  to  CM    txOO   ^d"  W          tO  M  tx 

•Sji  Tfl-IMTf  CO   I-H  CM     l-l  <M     CO  Ol  IH  1O  ^   M  Tf 


^-^  -          *j3r          ~^T'Sj3  4^  *3     -jd 

•Q  ^         o  ^  '    ju  >      ^  45  s     Sc  ^  S  i2 5   s    a        sss^^ajas^-.     •  ^5        -g 

.g^PH^W§0^§g^g  g  ^^S  « 

'•*j>§          ON-ONOO         QQQNOOOOQO5         QOOOQQQOO         O  Q 

1   S    ~         OO     •  00   ON  O\        ON  ONCO   ONONONONONONON        ONONONONONONONONON        ON  ON 

'^L,^  .      *"*          -HHHHIHI-ll-ll-ll-ll-ll-IMMi-t 

^         '          r        •••'••          r         •'•' 

d 
o 

ri         -  -^*      -  I~H       .  r>^  /-\^       -w.1.  .  .  .  ....••         ^—^ 

" 

oa  i«  i*.  ':#      :*    „  ^ 

._ ^  .  .  -^         w  ^  'o 

L-/          -     -*-          -    i 1         -    •       •  -    _fj          -   ^^  -    f    ;  ;  -    ,    \^/  .  r—^ 

J          ^  DH"         til 

^r, 

c%        >ip4        0^ 

.l-^'''-.'>*  •  .  •  '.. 

^D       OPQi—t^^;        dPHO^CJ^        ^3  ^CJ  PHK^^ 

1!  :  II  i.i  fc|\-  IJ^Ny  1  I.  f 


453 


t^CO  VO 
CO         1O 


ON  rf 
Oi    01 


o 


tn  _         ~      .'^    x        to  10^ 

x     £     x£t/ic£     r^i 


&     „• 


fe 


.-=  =  & 

r<^  X 




'.'.'.'.','.    !*o 

:::::  io  ::::::::::'::: 
>—  >  .>  •  •  • 

v  :-o      1  :  :^ 

~    &  |  :  ^w^ 
5    t4>  S   -.5  ^ 

5   ^  U^IQ 

cf       >^      tjO"<LTo<u'~^I>            r~i  •  rj     '  y  j_i  "So  bT 
•S        0       ^^^^^^^a:^       Wo:^t^ajg 

3^"p-  J  i^  §S-|  Si  S  o      ^r§    :W^^  2 

^      .5  o  o       oc 


xxxxxxxxx     t/ 


30  K  S 


-^     > 

1- 

%>  *w 
Or!  u 
^  C 


454 


01    PO     •    Cl  OO   <M    l-x  CO  ?1   IT,  in  in  ui  O    -t 
(M  t-.     •  10  0)  —  r*5  irj  to  >-   —   m  — 


.    . 

N-^  '-' 

s   ~ 
._  ,-. 

1 

l^,: 

*O          *"""  *^           ^ 

o        ^  o 

—4           g    q^         ^^ 

^       o^       « 

^  <^<             u 

<    "                                  *  *"   C 

ji-  ill  .  i|l33  W:  :  :  : 

•  u 


•n 


0 


25  c-  CC  ^ 
"•^JttfS 

X  c>J  c^  rj 


.*     -c  g  5  >    :       g      O 

^       .,  fc  =  ^  >->      y 


^=^ 


Ji          ^"y  >";7Jtn"c/;  tcl^'yitn         tnKj; 


• 

<*>  5 


CO  <N       '    O 

I-H   N      •  <N 


ts  -s: 
•5  53 


«.  ^ 
^•3  -~ 


:  J  :  :  2   :     5 

•  O\    •     •  ON    •        ON 


•155 


<  X  2C  CQ  C) 


U 


CO 


456 


pd   •            to                                            •     2 

& 

"5^    •               o                                    "G^-~      ^      > 

3 

r^    3?  •          "     ••  -•                I?rt*    ^    ^ 
.  TJ  ^  i          —    •  "  ^        ^>        ^  '-^ 

3 

l~~>  ».  •  -^  ^3                     .   ;i       JH  ^   -  •       .5              O   ^,~       "^       '  j  ,-J 

H 

jj"^'|                        §    |          §^   §         ^                 ?^r^^- 

Q 

.  •    ^    ?  "^    ^-  ^                ^JCr-H          C^--^          y                 &/Ort-Cn         ^?H 

^             2 

^    '  "^  ^  •  ^  >x          '  5  ^,      ^'  F  "^  •  o3  -2          2       C    .  —  .'        -;  ^' 

<            "? 

•-/)   rt  J3     .  o   o              -^   t/1       •»•'  CC  '-^  ^   r>              O     .  ffi       _^         '!T' 

co          i 

Q           £ 

^           -^ 

fll^ll    ^l  J2!<^    ijl^'  i^ 

0 

HH52cy-2'-j         ~^      I*  t5  S  2   .        ^-r-c;^:     -"^PH 

& 

^>O           .  J£    G               ^  <R  •J-'  —  '     '  OT   W  O               O        ^   ^  'S   W        "5               ^ 

_ 

O^x^          «^  W  jf^'t;  •*-»  *o  cu1  —  >         ***  ^  ^       *  C    •  -^ 

i—  < 

>          O      *    ^-  *^""                ^             *  O    ^"    t^    ^      •                ^  ^^          ^        **^i    ^    ^ 

< 
K 

s'ft^ls    i^y'llll    l^lMs^i    7 

CO 

D 

|iir=^l      ||~?^T^     ^^^js^^^s     ^ 

O 

^.Xto23<'—          to  to      tototototo          tototo      to      to               — 

3     ^ 

""         °~5 

^i    C1.  X>   -f  CN  to              —  '         ^t"  O   ~>    O   ONOO               C^  t-i         o         10        ^1               f*3 
^l   ^l  10  ^J        LO            vO         "T  "*!  'O  ^O  <D  10             ro  Tf      O        O\      O              ON 

*-5   Oi 

1  T~t                                                                   f^             ^" 

|Tt            ^  r** 

0  , 

•  e«      •          «     • 

r  ~ 

s  :         :  :  :     2         ::::::                  :      :          '0- 

j  :        ;:'|        :  :^a 

-?  w 

-    :           jf               -           o                                                      ^         cr; 

<!  O 

1     i              CD  "     ':            §                S.2    «    S     5    3                                      .              ^              ^ 

o  <     "1  : 

f    •'           o               =           ^                              —  •                     —•         CA; 

!     ;             §s    a          G              0  Z 

XM        X    1 

JH               t?  J- 

H              ~  rc 

ii    ?     ?•  ?            l:      :  II  Stf 

>_*    C(5        o      -3              .    *              °  a    .  %* 

"^                            ?*^ 

•    QJ      "    O                              •                                                                ^                                  O  **           .  $<   4^* 

o        *-* 

*  ^   c^  ^g  C/i                   VI    ur       x                                           ^c  :           :           :      'c    ^        ^  4-> 

t-i                            o< 

D 

|«cS=a          -^^    =«                                        ^^    ^ 

<                 u 

}   O  »—  ^       v^                   ^/i             I/!*                                                                                             ^^  ^^ 

-2  *     .    "                    »—  T              -   *                                            —                                 ™ 

0 

o 

:  :  :-=   :   :          :      ::::::          :   :      :      :      :          : 

PH 

.    .     .  rc                                 ....                       .     . 

to 

•  *y  PQ  ti                      '•  PQ  °'                                         r       ^ 

r~*\ 

3        1" 

;  |^  |                  p^        :2°^                 |     !    '      ^r     ^r     ^          P< 

N                1  - 

-.    ;  PQ    .  ^  £    •        1.    «         ;  ,  ii  PH  ^J         r       £    '  Q^         .         .      ^            c 

2        ^  , 

;    ;  ^j  ^«  JsQ  Q      P-'"1        ~  8  p^ty  orrS      ^  ^    •      ^      ^      -^           ^ 

eg! 

"      '.      .^.Nr^         psj    «                                                        &<&*         2^           E,          u 

^- 

^/     "^  <T"T            ,*>                  •     ;/:              ^3  ^^     ^   ^*  ^  PH                              ^>-(                  .              rt            r)                       d 

i      p 

t/3 

l^jlli-  S  lillgs  ?ft  !  !  1    * 

^ 

J'l  B--  E  1^   d  S    1  8  I  §  *  *•   r5  ^"~?    is    «".  s      ^ 

i^X  to  XXX         S     PQ  55  PM  ou  03  ^         —  x     pi     pi     PH         — 

457 


'3 


>  E 


O     O\  Tf        Tj-  vo          O   "-f  u-,  »— 


&     8 

a 


o  p 


o     6 


:  :  : 

:   :  :   :  : 

r    .     . 

Q> 

Qi 

O     •     • 

'.'.'.'.' 

C   5 

•    •    •  o 

Or-" 

•  -4—* 

•'PS   . 


—  X  ^      —cJ0    .  .Q  * 
r        E       PH        ri   S"T   ^   - 


SUGGESTED   AMENDMENTS   TO 
RAILROAD  TAX  LAW, 


459 


461 


SUGGESTED  AMENDMENTS  TO  RAILROAD 
TAX  LAW. 

MAIN    STEM,    FIRST-CLASS. 

The  main  stem  shall  include  the  permanent  way  or  road-bed 
(excepting  at  terminals)  not  exceeding  one  hundred  feet  in 
width,  measured  horizontally  at  the  elevation  of  the  base  of  the 
rail,  and  fifty  feet  each  way  from  the  centre  line,  including  all 
subconstruction  or  superconstruction  necessary  to  provide  a  road- 
way of  one  hundred  feet  in  width,  meaning  thereby  the  full 
embankment  or  excavated  area,  with  slopes,  slope  ditches  and 
berms,  retaining  walls  or  foundtations  necessary  to  provide  a 
width  not  to  exceed  one  hundred  feet  at  base  of  rail,  together 
with  all  tracks,  appurtenances,  ballast  and  structures  erected 
thereon  and  used  in  connection  therewith,  together  with  the  land 
covered  or  included  in  same,  all  land  owned  within  a  strip  not 
exceeding  fifty  feet  either  side  of  the  centre  line  of  the  main 
stem  (which  shall  be  included  in  main  stem)  ;  also,  all  signaling 
and  interlocking  plants,  whether  such  signaling  and  interlocking 
plants  be  located  entirely  within  the  one-hundred-foot  strip  or 
otherwise,  not  including,  however,  any  passenger  or  freight 
buildings,  wherever  located.  (The  main  stem  through  all 
terminals  shall  not  include  any  embankment  slopes,  walls,  cul- 
verts, land  or  structures  outside  of  the  strip  one  hundred  feet 
in  width,  measured  horizontally  at  base  of  rail.  Any  building 
standing  partly  beyond  the  boundary  line  of  main  stem  shall  not 
be  included  in  main  stem.) 

Also,  all  tangible,  personal  property,  including  the  rolling 
stock,  such  as  cars,  locomotives,  work  equipment ;  the  floating  or 
marine  equipment,  such  as  ferry  boats,  tugs,  lighters,  derricks, 
floats,  barges,  and  the  like ;  the  machinery,  shafting  and  belting, 
engines,  pumps,  fire  equipment,  machine  tools  (  exclusive  of  foun- 
dations), motors,  hand  tools,  tools,  jigs  and  dies,  patterns  and 
drawing's,  fuel,  supplies  of  every  kind  whatsoever;  and  all  other 
tangible,  personal  property  of  any  railroad,  railway  or  canal 
company ;  all  telegraph  and  telephone  lines  and  appurtenances 


462 

used  for  railroad  purposes,  whether  located  entirely  within  the 
one-hundred- foot  strip  or  not:  the  total  value  of  all  highway 
brid^  bways  owned  by  the  railroad,  railway  or  canal  com- 

pany :g  the  main  stem;  £.11  culverts,  pipes  or  waterways, 

owned  or  used  for  railroad  or  canal  purposes,  through  the  road- 
bed, whether  entirely  within  the  one-hundred- foot  strip  or 
excepting  at  terminals:  also,  all  rolling  and  floating  equipment 
not  belongi :  _  di  railroad,  railway  or  canal  company  but 

operated  or  used  by  the  railroad,  railway  or  canal  company,  or 
owned  or  operated  by  a  private-car  compa:  •liers.  within 

this  state,  or  by  a  sleeping-car  company  er  company:  ex- 

cepting locomoti  \\ned  by  per  -.panics  other 

than  railroad,  railway  or  canal  companies,  which  are  operated 
entirely  within  the  switching  limits  of  the  property  «»wned  by 
said  per-  All  floating-  equipment  which  has 

acquired  a  d  :us  in  this  S  ssessc  1  in  this 

State,  at  the  total,  true  value  of  such  equipn 

In  case  the  rolling  equipment  is  r.  ^:ate  the 

entire  time.  then,  the  valuation  for  the  ;  -u  of  taxes  shall 

be  determined  by  the  ratio  which  the  car  or  engine  miles  run 
in  this  State  during  the  year  preceding  the  ent  bea- 

the  total  mileage  run  by  such  equipment  during  the  same  period : 
and.  in  case  the  car  or  engine  mileage  cannot  be  determined,  then, 
the  ratio  of  miles  of  all  tracks  owned  or  operated  in  the  State  to 
miles  of  all  tracks  owned  or  operated  outside  the  State  shall  be 
used  as  the  basis  of  apportionment  of  value  to  this  State. 

TRE  OF   MAIN   STEM. 

Tlv.  :~   the  main  stern   shall  be  the   filed   centre 

line:  and,  where  the  tiled  centre  line  is  not  clearly  indi- 
cated on  the  ground,  or  in  case  no  centre  line  has  been  filed, 
then,  the  centre  line  will  be  determined  as  folio-  s 

On  single  track  roads,  the  center  line  is  midway  between  the 
rails  of  the  main  running  tracks:  on  double-track  n  \vav 

between  the  two  main  running  tracks:  on  four-track  roads,  mid- 
way between  the  inner  rails  of  the  inside  running  tracks:  or 
track  roads,  the  center  of  the  middle  track,  etc. :  excepting  where 
apparent  that  the  tracks  are  not  located  on  the  filed  center 


line,  in  which  case,  the  center  line  of  the  continuous  right-of-way 
strip  shall  be  taken  as  the  center  line  of  main  stem. 

Passing  tracks,  spur  tracks,  sidings  and  the  like  are  not  to  be 
defined  as  running  tracks,  and  shall  be  classed  as  second-class 
property  for  such  portions  of  same  as  lie  outside  of  the  boun- 
daries of  the  main  stem.  Main  Stem  shall,  also,  include  all 
values  indicated  and  set  forth  in  Subdivision  IV,  of  Section  3, 
which  reads  as  folk-  "The  value  of  the  remaining  property, 

including  the  franchise." 

SECOND-CLASS  PROPERTY. 

:oiid-class  property  shall  include  all  lands  and  real  estate 
used  for  railroad,  railway  or  canal  purposes,  including  the  per- 
manent way  or  road-bed,  track  and  its  appurtenances,  and  all 
structures  erected  thereon,  excepting  as  provided  in  main  stem. 
The  term  "Real  Estate"  includes  the  following  items  in  place : 

1.  Ash-Handling  Machinery. 

2.  Aerial  Tramways. 

3.  Ballast. 

4.  Boilers. 

5.  Bridges. 

6.  Buildings. 
-    Cables. 

8.  Canals. 

9.  Cattle  Guards. 

10.  Chimnc 

11.  Cisterns. 

12.  Conduits. 

13.  Coal-Handling  Stations. 

14.  Conveyors. 

15.  Cross  Gates. 

1 6.  Culverts. 

17.  Cupolas. 

1 8.  Dams. 

19.  Docks. 

20.  Electric  Wiring. 

21.  Elevators. 


22.  Fencing. 

23.  Fixed  Cranes. 

24.  Foundations. 

25.  Gas  Piping  and  Fixtures. 

26.  Grain  Elevators. 

27.  Heating  Apparatus. 

28.  Hydrants 

29.  Incline  Machinery — Canal. 

30.  Interlocking. 

31.  Lands  used  for  Railroad  Purposes. 

32.  Lighting  Apparatus. 

33.  Locks  and  Operating-  Machinery. 

34.  Oiling  System. 

35.  Piers. 

30.  Pipe  Lines. 

37.  Pavements. 

3<S.  Planking  or  Guard  Rails. 

39.  Reservoirs. 

40.  Riparian  Rights. 

41.  Road-bed. 

42.  Road  Crossing. 

43.  Sanitary  Apparatus. 

44.  Sewers. 

45.  Shafting. 

46.  Shop  Fixtures. 

47.  Shop  Tracks. 

48.  Signs. 

49.  Signal  Apparatus. 

50.  Smoke  Stacks. 

51.  Storage  Warehouse  and  Miscellaneous  Structures. 

52.  Structures. 

^3.  Switch  Boards. 

54.  Tanks. 

55.  Telegraph  and  Telephone  Lines. 

56.  Tile  Drain  Lines. 

57.  Tracks. 

58.  Track  Appurtenances. 

59.  Track  Scales. 


465 

60.  Tramways. 

61.  Transfer  Tables. 

62.  Traveling-  Cranes. 

63.  Trestles. 

64.  Tunnels. 

65.  Turn-tables. 

66.  Viaducts. 

67.  Water  Lines. 

68.  Water- Purifying  Plants. 

69.  Water  Stations. 

70.  Water  Tanks. 

71.  Water-ways. 

72.  Water  Works. 

73.  Wells. 

74.  Wharves. 

75.  Windmills. 

All  devices  of  a  fixed  character  not  enumerated  in  the   fore- 
going list  are  to  be  classified  as  real  estate. 


JO  I 


